10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ____________

Commission File Number: 001-34449

PLANET GREEN HOLDINGS CORP.
(Exact name of registrant as specified in its charter)

Nevada	87-0430320
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

130-30 31^st Ave, Suite 512
Flushing, NY 11354

(718) 799-0380
(Address of principal executive office and zip code)

(718) 799-0380
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PLAG	NYSE American

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock as of May 15, 2023 was 72,081,930.

TABLE OF CONTENT

		PAGE
PART I - FINANCIAL INFORMATION		1
ITEM 1	FINANCIAL STATEMENTS	F-1
ITEM 2	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	5
ITEM 4	CONTROLS AND PROCEDURES	5
PART II - OTHER INFORMATION		6
ITEM 1	LEGAL PROCEEDINGS	6
ITEM 1A	RISK FACTORS	6
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	6
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	6
ITEM 4	MINE SAFETY DISCLOSURES	6
ITEM 5	OTHER INFORMATION	6
ITEM 6	EXHIBITS	7
SIGNATURES		8

i

Caution Regarding Forward-Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to the factors described in the section captioned “Risk Factors” described on the Registration Statement on Form S-3 filed by the Company on September 17, 2021, and as subsequently amended, together with the other information contained in this report. If any of the events descripted in the risk factors occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.

In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” or the negative of such terms or other similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report completely and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

ii

PART I

Use of Certain Defined Terms

Except where the context otherwise requires and for the purposes of this report only: 

● “Anhui Ansheng” refers to Anhui Ansheng Petrochemical Equipment Co., Ltd., a company incorporated in China. 

● “Allinyson” refers to Allinyson Ltd., a company incorporated in the State of Colorado.

● “Bless Chemical” refers to Bless Chemical Co., Ltd., a company incorporated in Hong Kong.

● “Baokuan Hong Kong” refers to Baokuan Technology (Hong Kong) Limited, a company incorporated in Hong Kong.

● “China” and “PRC” refer to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purposes of this report only).

● “Fast Approach” refers to Fast Approach Inc., a corporation incorporated under the laws of Canada.

● “Hubei Bulaisi” Refers to Hubei Bulaisi Technology Co., Ltd., a PRC limited liability company.  

● “Guangzhou Haishi” refers to Guangzhou Haishi Technology Co., Ltd., a PRC limited liability company.

● “Jiayi Technologies” or “WFOE” refers to Jiayi Technologies (Xianning) Co., Ltd., a PRC limited liability company and a wholly foreign-owned enterprise, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co. Ltd.

● “Jilin Chuangyuan” refers to Jilin Chuangyuan Chemical Co., Ltd., a PRC limited liability company.

● “Jingshan Sanhe” refers to Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., a PRC limited company.

● “Promising Prospect HK” refers to Promising Prospect HK Limited, formerly known as Lucky Sky Planet Green Holdings Co., Limited, a company incorporated in Hong Kong.  

● “PLAG,” “we,” “us”, “our,” “Planet Green” and the “Company” refer to Planet Green Holdings Corp., a Nevada corporation, and except where the context requires otherwise, our wholly-owned subsidiaries and VIEs.

● “Promising Prospect BVI” refers to Promising Prospect Limited, formerly known as Planet Green Holdings Corporation, a British Virgin Islands company.

● “RMB” refers to Renminbi, the legal currency of China.

● “Shanghai Shuning” refers to Shanghai Shuning Advertising Co., Ltd., a PRC limited liability company.

●  “Shandong Yunchu” Refers to Shandong Yunchu Supply Chain Co., Ltd., a PRC limited liability company.

● “U.S. dollar”, “$” and “US$” refer to the legal currency of the United States.

● “VIE” refers to variable interest entity.

● “Xianning Bozhuang” refers to Xianning Bozhuang Tea Products Co., Ltd., a PRC limited liability company.

● “Shine Chemical” refers to Shine Chemical Co., Ltd., a company incorporated in British Islands.

1

ITEM 1 FINANCIAL STATEMENTS

PLANET GREEN HOLDINGS CORP.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2023 AND DECEMBER 31, 2022

(Stated in US Dollars)

CONTENTS	PAGES
Unaudited Condensed Consolidated Balance Sheets	F-2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	F-3
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity	F-4
Unaudited Condensed Consolidated Statements of Cash Flows	F-5
Notes to Unaudited Condensed Consolidated Financial Statements	F-6 to F-29

F-1

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets

	March 31,			December 31,
	2023			2022
Assets	(unaudited)
Current assets
Cash and cash equivalents	$	224,216		$	93,487
Accounts receivable, net		3,568,558			2,996,638
Inventories		3,957,324			4,153,680
Advances to suppliers		6,375,614			5,417,449
Other receivables		386,416			413,315
Other receivables-related parties		352,835			180,578
Prepaid expenses		512,541			579,826
Total current assets		15,377,504			13,834,973
Non-current assets
Plant and equipment, net		22,358,602			22,569,125
Intangible assets, net		3,062,206			3,070,172
Construction in progress, net		45,578			33,260
Long-term investments		16,526,980			16,488,157
Goodwill		4,724,698			4,724,699
Total non-current assets		46,718,064			46,885,413
Total assets	$	62,095,568		$	60,720,386
Liabilities and Stockholders’ Equity
Current liabilities
Loans-current	$	3,638,110		$	3,589,582
Accounts payable		3,825,117			3,528,057
Advance from customers		3,525,116			2,624,070
Taxes payable		1,217,827			1,083,493
Other payables and accrued liabilities		5,410,343			4,412,833
Other payables-related parties		4,249,288			4,282,841
Deferred income		48,626			52,088
Total current liabilities		21,914,427			19,572,964
Non-current liabilities
Other long-term liabilities		257,355			273,757
Loans-noncurrent		291,049			287,167
Total non-current liabilities		548,404			560,924
Total liabilities		22,462,831			20,133,888
Stockholders’ equity
Preferred stock: $0.001 par value, 5,000,000 shares authorized; none issued and outstanding as of March 31, 2023 and December 31,2022		-			-
Common stock: $0.001 par value, 200,000,000 shares authorized; 72,081,930 and 35,581,930 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		72,082			72,082
Additional paid-in capital		155,702,975			155,702,975
Accumulated deficit		(121,166,172	)		(119,880,801	)
Accumulated other comprehensive income		5,023,852			4,692,242
Total stockholders’ equity		39,632,737			40,586,498
Total liabilities and stockholders’ equity	$	62,095,568		$	60,720,386

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

	For the Three Months Ended March 31,
	2023			2022
Net revenues	$	8,534,292		$	11,979,355
Cost of revenues		8,287,866			10,816,396
Gross profit		246,426			1,162,959
Operating expenses:
Selling and marketing expenses		244,719			451,242
General and administrative expenses		1,092,902			1,802,809
Research & Developing expenses		68,719			8,925
Total operating expenses		1,406,340			2,262,976
Operating (loss) income		(1,159,914	)		(1,100,017	)
Other (expenses) income
Interest income		104			8,541
Interest expenses		(116,213	)		(165,767	)
Other income		38,715			99,511
Other expenses		(439	)		(14,304	)
Total other (expenses) income		(77,833	)		(72,019	)
Loss before income taxes		(1,237,747	)		(1,172,036	)
Income tax expenses		47,624			89,403
Net loss		(1,285,371	)		(1,261,439	)
Less: Net loss attributable to non-controlling interest		-			(31,662	)
Net loss attributable to common stockholders	$	(1,285,371	)	$	(1,229,777	)
Net loss		(1,285,371	)		(1,261,439	)
Foreign currency translation adjustment		331,610			166,157
Total comprehensive loss		(953,761	)		(1,095,282	)
Less: Comprehensive (loss) income attribute to non-controlling interest		-			(26,568	)
Comprehensive (loss) income attribute to common share holders	$	(953,761	)	$	(1,068,714	)
Net loss per share of common stock - basic and diluted	$	(0.02	)	$	(0.03	)
Basic and diluted weighted average shares outstanding		72,081,930			41,648,597

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three Months Ended March 31,2023 and 2022

											Accumulated
					Additional						Other		Non-			Total
	Common stock				Paid-in			Accumulated			Comprehensive		Controlling			Stockholders’
	Shares		Amount		Capital			Deficit			Income		Interests			Equity
Balance, December 31, 2021		35,581,930	$	35,582	$	133,232,224		$	(94,072,383	)	$	7,711,057	$	4,349,870		$	51,256,350
Net loss		-		-		-			(1,229,777	)		-		(31,662	)		(1,261,439	)
Issuance of common stock for cash		7,000,000		7,000		6,993,000			-			-		-			7,000,000
Acquiring non-controlling interests		-		-		(2,900,742	)		-			-		(2,349,258	)		(5,250,000	)
Foreign currency translation adjustment		-		-		-			-			161,062		5,094			166,156
Balance, March 31, 2022		42,581,930	$	42,582		137,324,482		$	(95,302,160	)	$	7,872,119	$	1,974,044		$	51,911,066
Balance, December 31, 2022		72,081,930	$	72,082		155,702,975		$	(119,880,801	)	$	4,692,242	$	-		$	40,586,498
Net loss		-		-		-			(1,285,371	)		-		-			-
Foreign currency translation adjustment		-		-		-			-			331,610		-			-
Balance, March 31, 2023		72,081,930	$	72,082		155,702,975		$	(121,166,172	)	$	5,023,852	$	-		$	39,632,737

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-4

Planet Green Holdings Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

	For the Three Months Ended March 31,
	2023			2022
CASH FLOWS FROM OPFRATING ACTIVITIFS:
Net loss	$	(1,285,371	)	$	(1,261,439	)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation		528,762			580,306
Amortization		49,604			62,176
Amortization of operating lease right-of-use assets		-			104,692
Impairment of equipment		-			3,591
Note and account receivables net		(533,622	)		470,712
Inventories		253,397			(225,068	)
Prepayments and deposit		(783,119	)		(2,712,763	)
Other receivables		32,601			(70,731	)
Accounts payables		333,589			47,902
Advance from customer		869,145			1,171,786
Other payables and accruals		942,558			(3,584,314	)
Taxes payable		90,184			84,201
Deferred income		-			(3,758	)
Lease liability		-			7,000
Net cash provided by (used in) operating activities		497,729			(5,325,707	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment		(23,234	)		(124,681	)
Purchase of intangible assets		-			(23,398	)
Net cash provided by (used) in investing activities		(23,234	)		(148,079	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of short-term loan		-			(127,014	)
Changes in related party balances, net		(238,294	)		(1,327,669	)
Proceeds from issuance of common stock		-			7,000,000
Net cash provided by (used in) financing activities		(238,294	)		5,545,317
Net decrease in cash and cash equivalents		236,201			71,531
EFFECT OF EXCHANGE RATE ON CASH		(105,472	)		110,064
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		93,487			1,131,408
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	224,216		$	1,313,003
SUPPLEMENTARY OF CASH FLOW INFORMATION
Interest received	$	104		$	8,541
Interest paid	$	116,213		$	165,767
NON-CASH TRANSACTIONS
Operating lease right-of-use assets	$	-		$	480,074

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-5

PLANET GREEN HOLDINGS CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 

1. Organization and Principal Activities

Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. The Company are engaged in various businesses through our subsidiaries and controlled entities in China.

The accompanying unaudited condensed consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities:

	Place of	Attributable equity		Registered
Name of Company	incorporation	interest %		capital
Promising Prospect BVI Limited (formerly known as Planet Green Holdings Corporation)	The British Virgin Islands		100	$	10,000
Promising Prospect HK Limited (formerly known as Lucky Sky Planet Green Holdings Co., Limited (H.K.))	Hong Kong		100		1
Jiayi Technologies (Xianning) Co., Ltd.	PRC		100		2,000,000
Fast Approach Inc.	Canada		100		79
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST)	PRC		100		-
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.	PRC		100		4,710,254
Xianning Bozhuang Tea Products Co., Ltd.	PRC		100		6,277,922
Jilin Chuangyuan Chemical Co., Ltd.	PRC		VIE		9,280,493
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)	Hong Kong		100		10,000
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)	PRC		100		30,000,000
Shandong Yunchu Supply Chain Co., Ltd.	PRC		100		5,000,000
Allinyson Ltd.	The United States		100		100,000
Shine Chemical Co., Ltd.	The British Virgin Islands		100		8,000
Guangzhou Haishi Technology Co., Ltd.	PRC		100		156,250
Baokuan Technology (Hongkong) Limited	Hong Kong		100		1,250

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests.

On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company incorporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”).

On August 12, 2019, through Promising Prospect HK Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China.

On December 20, 2019, The Promising Prospect HK Limited sold 100% of equity interest in Shanghai Xunyang.

On May 29, 2020, the Promising Prospect BVI Limited incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong.

On June 5, 2020, the Promising Prospect BVI Limited acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America.

On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.).

On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren.

F-6

On August 10, 2020, Promising Prospect BVI Limited transferred its 100% equity interest in Promising Prospect HK Limited to Rui Tang.

On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd.

On January 6, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On March 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On July 15, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd. has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd and acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd. As a result, Xianning Bozhuang Tea Products Co., Ltd has been wholly-owned subsidiaries of the Jiayi Technologies (Xianning) Co., Ltd.

On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd, Bless Chemical Co., Ltd. and Hubei Bryce Technology Co., Ltd have been wholly-owned subsidiaries of the Planet Green Holding Corp.

On September 1st, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd has changed its major shareholder from Mr. Feng Chao to Hubei Bryce Technology Co., Ltd and Hubei Bryce Technology Co., Ltd has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd after the alteration of shareholders.

On December 9, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

On September 14, 2022, Planet Green Holdings Corp. and Hubei Bulaisi Technology Co., Ltd. a subsidiary of the Company, entered into a Share Purchase Agreement with Xue Wang, a shareholder of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. Before the closing of this Share Purchase transaction, the Company owns 85% equity interest of Jingshan through the Purchaser. On September 14, 2022, the Company closed the Share Purchase transaction. As of September 30, 2022, Hubei Bryce Technology Co., Ltd. has hold 100% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

Consolidation of Variable Interest Entity

On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies.

On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control. It became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE.

F-7

On December 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain, and Taishan Muren.

On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang, and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On September 6, 2020, it terminated its VIE agreements with Shenzhen Lorain and Taishan Muren.

On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On July 15, 2021 through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Anhui Ansheng Petrochemical Equipment Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd.

On December 16, 2022, Jiayi Technologies (Xianning) Co., Ltd terminated the VIE agreements with Xiaodong Cai and Anhui Ansheng Petrochemical Equipment Co., Ltd. 

Each of the VIE Agreements is described in detail below:

Consultation and Service Agreement

Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice.

Business Cooperation Agreement

Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice.

F-8

Equity Pledge Agreements

According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.

Equity Option Agreements

According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s).

Voting Rights Proxy Agreements

According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification.

Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd., Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and Jilin Chuangyuan Chemical Co., Ltd. in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation.

Enterprise-wide disclosure

The Company’s chief operating decision-makers (i.e. chief executive officer and her direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by business lines for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $1,285,371 for the three months ended March 31, 2023. As of March 31, 2023, the Company had an accumulated deficit of $121,166,172, cash and cash equivalents of $224,216 a working capital deficit of $6,536,923; its net cash provided by operating activities for the three months ended March 31, 2023 was $497,729.

These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

F-9

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023 or any future period.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 31, 2023.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.

Use of Estimates

The unaudited condensed consolidated financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Significant estimates required to be made by management include but are not limited to add accounts that use significant estimates, such as the allowance for estimated uncollectible receivables, realizability of advance to suppliers, inventory valuations, etc.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of March 31, 2023, the Company had cash and cash equivalents (including restricted cash) of $224,216 compared to $93,487 as of December 31, 2022.

Accounts Receivables

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred.

Inventories

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

Advances and Prepayments to Suppliers

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory.

F-10

Plant and Equipment

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

Buildings	20-40 years
Landscaping, plant, and tree	30 years
Machinery and equipment	1-10 years
Motor vehicles	5-10 years
Office equipment	5-20 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

Intangible Assets

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

Land use rights	50 years
Software licenses	2 years
Trademarks	10 years

Construction in Progress and Prepayments for Equipment

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the Impairment of Long-lived Assets

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. 

Statutory Reserves

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

F-11

Foreign Currency Translation

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

	03/31/2023		12/31/2022		03/31/2022
Period-end US$: CAD$ exchange rate		1.3521		1.3554		1.2484
Period-end US$: RMB exchange rate		6.8717		6.9646		6.3482
Period-end US$: HK exchange rate		7.8497		7.7967		7.8275
Period average US$: CAD$ exchange rate		1.3534		1.3012		1.2668
Period average US$: RMB exchange rate		6.8476		6.7261		6.3504
Period average US$: HK exchange rate		7.8389		7.8310		7.8062

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

Revenue Recognition

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expect to be entitled to in exchange for those goods or services.

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

● identify the contract with a customer;

● identify the performance obligations in the contract;

● determine the transaction price;

● allocate the transaction price to performance obligations in the contract; and;

● Recognize revenue as the performance obligation is satisfied.

Advertising

All advertising costs are expensed as incurred.

Shipping and Handling

All outbound shipping and handling costs are expensed as incurred.

Research and Development

All research and development costs are expensed as incurred.

F-12

Retirement Benefits

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

Stock-Based Compensation

The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes”, accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

Comprehensive Income

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

Net Loss per Share of Common Stock

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

Fair Value Measurement

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.

● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

F-13

Long-term Investments

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s unaudited condensed consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s condensed consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Commitments and Contingencies 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

Recent Accounting Pronouncements

In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for adjustments to tax effects that were originally recorded in other comprehensive income due to changes in the U.S. federal corporate income tax rate resulting from the enactment of the U.S. tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

F-14

On June 20, 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective for us on January 1, 2019. Early adoption is permitted, including in interim periods, and should be applied to all new awards granted after the date of adoption. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes several changes meant to add, modify or remove specific disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this Update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The modifications are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company’s condensed financial statements.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company adopted this guidance on January 1, 2023. The adoption did not have significant impact on the Company’s unaudited condensed consolidated financial statements.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

F-15

3. Variable Interest Entity (“VIE”)

A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder with a controlling financial interest in a VIE is deemed the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd because it has both of the following characteristics:

1) The power to direct activities at Jilin Chuangyuan Chemical Co., Ltd that most significantly impact such entity’s economic performance, and

2) The obligation to absorb losses and the right to receive benefits from Jilin Chuangyuan Chemical Co., Ltd. that could potentially be significant to such entity. Under the Contractual Arrangements, Jilin Chuangyuan Chemical Co., Ltd. pay service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of the Jilin Chuangyuan Chemical Co., Ltd.’s losses. The Contractual Arrangements are designed to operate Jilin Chuangyuan Chemical Co., Ltd. for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Jilin Chuangyuan Chemical Co., Ltd. are consolidated in the accompanying consolidated financial statements. In addition, those financial positions and results of operations are included in the Company’s consolidated financial statements.

The carrying amount of VIE’s consolidated assets and liabilities are as follows:

	3/31/2023			12/31/2022
Assets
Current assets
Cash and cash equivalents	$	144,376		$	39,815
Accounts receivable, net		1,002,619			730,341
Inventories		739,792			947,466
Advances to suppliers		355,911			187,708
Other receivables		73,003			65,531
Inter company receivable		1,600,768			1,579,416
Total current assets		3,916,469			3,550,277
Non-current assets
Plant and equipment, net		8,966,940			9,115,598
Intangible assets, net		1,946,641			1,932,386
Construction in progress, net		21,247			20,963
Total non-current assets		10,934,828			11,068,947
Total assets	$	14,880,402		$	14,619,224
Liabilities and Stockholders’ Equity
Current liabilities
Short-term bank loans	$	3,638,110		$	3,589,582
Accounts payable		544,200			540,371
Advance from customers		86,811			14,395
Taxes payable		38,626			18,005
Other payables and accrued liabilities		3,340,277			2,590,572
Intercompany Payable		3,124,496			3,082,819
Other payables-related parties		1,422,903			1,535,974
Long term payable-current portion		227,770			287,167
Deferred income		33,834			37,332
Total current liabilities		12,457,027			11,696,217
Non-current liabilities
Long-term payables		291,049			244,245
Total non-current liabilities		291,049			244,245
Total Liabilities		12,748,076			11,940,462
Paid-in capital		9,280,493			9,280,493
Statutory Reserve		29,006			29,006
Accumulated deficit		(6,360,593	)		(5,775,895	)
Accumulated other comprehensive income		(816,580	)		(854,842	)
Total stockholders’ equity		2,132,326			2,678,762
Total liabilities and stockholders’ equity	$	14,880,402		$	14,619,224

F-16

The summarized operating results of the VIE’s are as follows:

	03/31/2023			03/31/2022
Operating revenues	$	2,193,521		$	3,961,230
Gross profit		(85,629	)		627,333
loss from operations		(507,486	)		(143,419	)
Net loss		(584,698	)		(282,176	)

4. Business Combination

Acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.

On January 4, 2021, Planet Green Holdings Corporation (Nevada) and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and its equity holders to obtain control and become the primary beneficiary of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. The Company consolidated Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.’s accounts as its VIE. According to the VIE agreements, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

The Company’s acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jingshan Sanhe based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.:

Total consideration at fair value $ 4,730,000

	Fair Value
Cash	$	114,162
Accounts receivable, net		-
Inventories, net		584,119
Advances to suppliers		1,104,705
Other receivables		536,090
Right-of-use assets		1,044,933
Plant and equipment, net		3,867,906
Deferred tax assets		281,243
Goodwill		923,313
Total assets	$	8,456,471
Short-term loan – bank		(440,522	)
Lease payable-current portion		(406,376	)
Accounts payable		(715,019	)
Advance from customers		(627,128	)
Other payables and accrued liabilities		(50,085	)
Lease payable-non current portion		(818,446	)
Income taxes payable		(217	)
Total liabilities		(3,057,793	)
Noncontrolling interest		(668,678	)
Net assets acquired	$	4,730,000

Approximately $0.92 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jingshan Sanhe. None of the goodwill is expected to be deductible for income tax purposes.

F-17

Acquisition of Jilin Chuangyuan Chemical Co., Ltd.

On March 9, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jilin Chuangyuan Chemical Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd. The Company consolidated Jilin Chuangyuan Chemical Co., Ltd’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above.

The Company’s acquisition of Jilin Chuangyuan Chemical Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jilin Chuangyuan based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jilin Chuangyuan Chemical Co., Ltd.:

Total consideration at fair value $ 8,085,000

	Fair Value
Cash	$	95,237
Accounts receivable, net		868,874
Inventories, net		581,569
Advances to suppliers		388,349
Other receivables		123,969
Other receivables-RP		212,594
Plant and equipment, net		11,109,220
Intangible assets, net		2,149,910
Deferred tax assets		415,154
Goodwill		3,191,897
Total assets	$	19,136,773
Short-term loan – bank		(3,826,934	)
Long term payable		(1,162,355	)
Accounts payable		(575,495	)
Advance from customers		(291,655	)
Other payables and accrued liabilities		(2,815,356	)
Other payables-RP		(765,387	)
Income taxes payable		(1,073	)
Total liabilities		(9,438,255	)
Non controlling interest		(1,613,518	)
Net assets acquired	$	8,085,000

Approximately $3.19 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jilin Chuangyuan Chemical Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

F-18

Acquisition of Shandong Yunchu Trading Co., Ltd.

On December 9, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a Share Exchange Agreement with Shandong Yunchu Supply Chain Co., Ltd, and each of shareholders of Shandong Yunchu Supply Chain Co., Ltd. The Company issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

The Company’s acquisition of Shandong Yunchu Supply Chain Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Shandong Yunchu Supply Chain Co., Ltd based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Shandong Yunchu Supply Chain Co., Ltd:

Total consideration at fair value $ 5,420,920

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	77,427
Trade receivable and Note receivable		780,556
Inventories		-
Related party receivable		86,448
Other current assets		4,899,559
Plant and equipment, net		-
Intangible assets, net		-
Goodwill		4,724,698
Total assets	$	10,568,688
Short-term loan-bank		-
Related party payable		-
Accounts payable		(992,424	)
Other current liabilities		(4,155,344	)
Total liabilities		(5,147,768	)
Non-controlling interest		-
Net assets acquired	$	5,420,920

Approximately $4.72 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Shandong Yunchu Supply Chain Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

F-19

Acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd.

On July 15, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Anhui Ansheng Petrochemical Equipment Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Anhui Ansheng Petrochemical Equipment Co., Ltd. The Company consolidated Anhui Ansheng Petrochemical Equipment Co., Ltd.’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above.

The Company’s acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Anhui Ansheng Petrochemical Equipment Co., Ltd. based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd.

Total consideration at fair value $ 7,926,000

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	288,122
Trade receivable and Note receivable		944,704
Inventories		3,236,008
Related party receivable		2,500,117
Other current assets		1,393,817
Plant and equipment, net		4,036,649
Intangible assets, net		635,738
Goodwill		10,263,937
Total assets	$	23,299,092
Short-term loan-bank		(3,735,614	)
Related party payable		(2,639,938	)
Accounts payable		(1,966,099	)
Other current liabilities		(3,902,896	)
Total liabilities		(12,244,547	)
Non controlling interest		(3,758,545	)
Net assets acquired	$	7,296,000

F-20

Approximately $10.26 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Anhui Ansheng Petrochemical Equipment Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

On December 12, 2022, the Company disposed of the interest held of Anhui Ansheng Petrochemical Equipment Co., Ltd.

Acquisition of Allinyson Ltd.

On April 8, 2022, Planet Green Holdings Corp. (the “Company”) entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Allinyson Ltd., and each of shareholders of Allinyson Ltd.. The Company issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the transfer to 100% of the equity interest of Allinyson Ltd. to the Company.

The Company’s acquisition of Allinyson Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Allinyson Ltd. based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Allinyson Ltd.

Total consideration at fair value $ 7,429,500

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	246,322
Trade receivable and Note receivable		372,538
Goodwill		7,193,965
Total assets	$	7,812,825
Related party payable		(73,623	)
Accounts payable		(273,000	)
Other current liabilities		(36,702	)
Total liabilities		(383,325	)
Net assets acquired	$	7,429,500

F-21

Approximately $7.19 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Allinyson Ltd. None of the goodwill is expected to be deductible for income tax purposes.

5. Account Receivable, Net

The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers.

	03/31/2023			12/31/2022
Trade accounts receivable	$	3,939,811		$	3,362,939
Less: Allowance for doubtful accounts		(371,253	)		(366,301	)
	$	3,568,558		$	2,996,638
Allowance for doubtful accounts
Beginning balance:		(366,301	)		(1,662,516	)
Additions to allowance		(4,952	)		(64,899	)
Bad debt written-off		-			1,361,114
Ending balance	$	(371,253	)	$	(366,301	)

6. Advances to Suppliers

Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:

	03/31/2023		12/31/2022
Payment to suppliers and vendors	$	6,375,614	$	5,417,449
Total	$	6,375,614	$	5,417,449

7. Inventories

Inventories consisted of the following as of March 31, 2023 and December 31, 2022

	03/31/2023			12/31/2022
Raw materials	$	1,830,780		$	1,965,389
Inventory of supplies		-			-
Work in progress		1,484,185			1,455,229
Finished goods		844,251			932,261
Allowance for inventory reserve		(201,892	)		(199,199	)
Total	$	3,957,324		$	4,153,680

8. Plant and Equipment

Plant and equipment consisted of the following as of March 31, 2023 and December 31, 2022.

	03/31/2023			12/31/2022
At Cost:
Buildings	$	20,201,245		$	19,924,811
Machinery and equipment		11,479,369			11,322,085
Office equipment		775,701			765,413
Motor vehicles		1,485,032			1,465,225
		33,941,347			33,477,534
Less: Impairment		(769,465	)		(759,201	)
Less: Accumulated depreciation		(10,813,280	)		(10,149,207	)
		22,358,602			22,569,125
Construction in progress		45,578			33,260
	$	22,404,180		$	22,602,385

Depreciation expense for the three months ended March 31, 2023 and 2022 was $664,073 and $580,505, respectively.

F-22

9. Intangible Assets

	03/31/2023			12/31/2022
At Cost:
Land use rights		3,093,001			3,051,744
Software licenses		67,811			67,464
Trademark		929,360			916,963
	$	4,090,172		$	4,036,171
Less: Accumulated amortization		(1,027,966	)		(966,000	)
	$	3,062,206		$	3,070,171

Amortization expense for the three months ended March 31, 2023 and 2022 was $61,966 and $62,196, respectively.

10. Long-term Investment

The Company entered into an investment agreement with Xianning Xiangtian Energy Holdings Group Co., Ltd. to acquire 40% of the equity interests in the company, with total consideration of $13.62 million, which was paid in 2022. The investment was accounted for under the equity method because the Company can exercise significant influence over the company as the investee but does not own a majority of the equity interests in or control the company. As of March 31, 2023, the carrying amount of this equity method investment reflected the Company’s proportionate share of the equity in the investee company.

Besides, the Company made an initial investment of $2.91 million in return for a limited partner interest in Shandong Ningwei New Energy Technology Co., Ltd. The Company accounted for the investment using the cost method, as the investment did not have a readily determinable fair value.

As of March 31, 2023 and December 31, 2022, the balance of long term investment was $16,526,980 and $16,488,157.

11. Other Payable

As of March 31, 2023 and December 31, 2022, the balance of other payable was $5,410,343 and $4,412,833. Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties.

12. Advance from Customer

For our operation, the proceeds received from sales are initially recorded as advances from customers, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period. As of March 31, 2023, and December 31, 2022, the outstanding balance of the advance from customers was $3,525,116 and $2,624,070 respectively. Due to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting period.

13. Related Parties Transaction

As of March 31, 2023 and December 31, 2022, the outstanding balance due from related parties was $352,835 and $180,578, respectively. Significant related parties comprised much of the total outstanding balance as of March 31, 2023are stated below:

The outstanding balance of $266,436 was due from Mr. Chen Xing, the management of the Shandong Yunchu;

The outstanding balance of $35,178 was due from Mr. Xiong Haiyan, the management of the Jingshan Sanhe;

The outstanding balance of $29,105 was due from Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company;

The outstanding balance of $22,116 was due from Mr. Lu Jun, the management of the Jingshan Sanhe.

These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand.

As of March 31, 2023 and December 31, 2022, the outstanding balance due to related parties was $4,249,288 and $4,282,841, respectively. Significant parties comprised much of the total outstanding balance as of March 31, 2023 are stated below:

The outstanding balance of $1,177,996 was due to Anhui Ansheng Petrochemical Equipment Co. Ltd., a former subsidiary of the company.

The outstanding balance of $999,753 was due to Ms. Yan Yan, the spouse of the legal representative of Jilin Chuangyuan Chemical Co., Ltd.;

The outstanding balance of $1,129,959 was due to Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company;

The outstanding balance of $492,607 was due to Meihekou Chuangtai Chemical Co. Ltd., which has the same legal representative, Chen Yongsheng, as the subsidiary of Jilin Chuangyuan Chemical Co., Ltd.

The outstanding balance of $869,894 was due to a couple of executives of the subsidiaries of the Company;

The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed.

F-23

14. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Company’s acquisitions of interests in its subsidiaries and VIEs. If the carrying amount of the goodwill exceeds its implied fair market value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The changes in the carrying amount of goodwill by entities are as follows:

	Ansheng			Baokuan			Fast		JSSH		JLCY			SDYC
Balance as of December 31, 2021	$	1,026,337		$	-		$	-	$	-	$	3,191,897		$	4,724,698
Goodwill acquired		-			7,193,965			-		-		-			-
Goodwill impairment					(7,193,965	)		-		-		(3,191,897	)		-
Disposal of subsidiaries		(1,026,337	)		-			-		-		-			-
Balance as of December 31, 2022	$	-		$	-		$	-	$	-	$	-		$	4,724,698
Goodwill acquired		-			-			-		-		-			-
Goodwill impairment		-			-			-		-		-			-
Balance as of March 31, 2023	$	-		$	-		$	-	$	-	$	-		$	4,724,698

15. Bank Loans

The outstanding balances on short-term bank loans consisted of the following:

Lender	Maturities	Weighted average interest rate			03/31/2023		12/31/2022
Rural Credit Cooperatives of Jilin Province, Jilin Branch	Due in November 2023		7.83	%		3,638,110		3,589,582

Buildings and land use rights in the amount of $10,178,520 are used as collateral for Jiling Branch. The short-term bank loan which is denominated in Renminbi was primarily obtained for general working capital.

Interest expense for the three months ended March 31, 2023 and 2022 was $ 71,467 and $ 103,797 respectively.

F-24

16. Equity

On May 9, 2019, the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. (“Subsidiary”) entered into a Share Exchange Agreement with Xianning Bozhuang Tea Products Co., Ltd. (“Target”) and each of the shareholders of Target (collectively, “Sellers”). Such transaction closed on May 14, 2019. Under the Share Exchange Agreement, the Subsidiary acquired all outstanding equity interests of Target, a company that produces tea products and sells such products in China. Pursuant to the Share Exchange Agreement, the Company issued an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest of the Target to the Subsidiary.

On June 17, 2019, the Company entered into a securities purchase agreement, under which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price of $4.20 per share. The transaction closed on June 19, 2019.

On February 10, 2020, the Company entered into a securities purchase agreement with Mengru Xu and Zhichao Du, according to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of common stock, representing a purchase price of approximately $2.60 per share. On February 28, 2020, the Company closed the transaction.

On June 5, 2020, the Company issued an aggregate of 1,800,000 shares of its common stock to acquire all the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America. 

On December 30, 2020, the Company issued a total of 782,165 ordinary shares to six employees of the Company. Total fair value of these ordinary shares was approximately $1.75 million and the compensation expenses are to be recognized in the fiscal year 2020 because there is no employee’s requisite service period requirement.

On January 4, 2021, the Company issued an aggregate of 2,200,000 shares of its common stock to the original shareholders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. in exchange for the transfer of 85% of the equity interests of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. to the Company.

On January 26, 2021, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 2,700,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $6,750,000, representing a purchase price of $2.50 per Share.

On March 9, 2021, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the original shareholder of Jilin Chuangyuan Chemical Co., Ltd. in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd. to the Company.

On April 26, 2021, the Company has entered into a Share Purchase Agreement with three investors, Pursuant to the agreement, the Company will receive gross proceeds of $7,600,000 in the aggregate, in exchange for the issuance of an aggregate of 4,000,000 shares of the Company’s common stock, representing a purchase price of approximately $1.90 per share.

On July 15, 2021, the Company has issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Company.

F-25

On July 30, 2021, the Company issued a total of 872,000 ordinary shares to seven employees of the Company. Total fair value of these common shares was approximately $1.16 million. The compensation expenses are to be recognized in the fiscal year 2021 because there is no employee’s requisite service period requirement.

On December 30, 2021, The Company issued an aggregate of 5,900,000 shares of common stock to the equity holders of A Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On January 13, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 7,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $7,000,000, representing a purchase price of $1.00 per Share.

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

On May 19, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which two investors agreed to purchase an aggregate of 10,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $4,100,000, representing a purchase price of $0.41 per Share.

On July 20, 2022, the Company acquired 30% equity interest of the Xianning Xiangtian Energy Holdings Group Co., Ltd. and the Company issued 12,000,000 shares of common stock to the Sellers.

As of March 31, 2023, there were 72,081,930 shares of common stock outstanding.

17. Income Taxes

United States

On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. As the Company has a December 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of 21% for the Company’s fiscal year ending December 31, 2022 and 2021, respectively. Accordingly, the Company has remeasured the Company’s deferred tax assets on net operating loss carryforwards (“NOLs”) in the U.S at the lower enacted cooperated tax rate of 21%. However, this remeasurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

Additionally, the Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The change in rate has caused the Company to remeasure all U.S. deferred income tax assets and liabilities for temporary differences and NOLs and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to December 31, 2022 which the Company has foreign cumulative losses at December 31, 2022.

F-26

British Virgin Islands

Planet Green Holdings Corporation BVI is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Lucky Sky Planet Green Holdings Co., Limited (H.K.) is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, Lucky Sky Planet Green Holdings Co., Limited (H.K.) is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

PRC

The Company PRC subsidiaries and VIEs and their controlled entities are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC, Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.

Significant components of the income tax expense consisted of the following for the three months ended March 31, 2023 and 2022: 

	3/31/2023			3/31/2022
Loss attributed to PRC operations	$	(923,175	)	$	(696,122	)
Loss attributed to U.S. operations		(364,073	)		(387,369	)
Income attributed to Canada operations		49,501			(88,545	)
Income attributed to BVI		-			-
Loss before tax	$	(1,237,747	)	$	(1,172,036	)
PRC Statutory Tax at 25% Rate		(230,794	)		(174,031	)
Effect of tax exemption granted		-			-
Valuation allowance		278,418			263,434
Income tax	$	47,624		$	89,403
Per Share Effect of Tax Exemption
Effect of tax exemption granted	$	-		$	-
Weighted-Average Shares Outstanding Basic		72,081,930			41,648,597
Per share effect	$	-		$	-

F-27

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. 

Reconciliation of effective income tax rate from continuing operations is as follows for the three months ended March 31, 2023 and 2022:

	03/31/2023			03/31/2022
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Non-recognized deferred tax benefits in the PRC		(28.85	)%		(25.08	)%
The Company’s effective tax rate		(3.85	)%		(0.08	)%

18. Loss Per Share of Common Stock

Components of basic and diluted earnings per share were as follows:

	For the Three Months Ended
	March 31,
	2023			2022
Loss from operations attributable to common stockholders	$	(1,285,371	)	$	(1,229,777	)
Loss per share of common stock - Basic and diluted	$	(0.02	)	$	(0.03	)
Basic and diluted weighted average shares outstanding		72,081,930			41,648,597

F-28

19. Concentrations

Customers Concentrations:

The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the three months ended March 31, 2023 and 2022.

	For the periods ended
Customers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		-		-		1,441,054		12
B		830,000		10		-		-
C		1,953,391		23		-		-

Suppliers Concentrations

The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the three months ended March 31, 2023 and 2022.

	For the periods ended
Suppliers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		1,464,234		18		1,612,681		12
B		-		-		4,205,805		32
C		-		-		1,516,012		12
D		1,446,791		17		-		-
E		1,185,146		14		-		-
F		1,129,868		14		-		-

20. Risks

A.	Credit risk
	The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent.
	Since the Company’s inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers.
B.	Interest risk
	The Company is subject to interest rate risk when short-term loans become due and require refinancing.
C.	Economic and political risks
	The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.

21. Subsequent Events

Management has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the unaudited condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent event that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.

F-29

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are headquartered in Flushing, New York City. After a series of acquisitions and dispositions during the past three years, our primary business, which is carried out by Shandong Yunchu, Jingshan Sanhe, Jilin Chuangyuan, Fast Approach Inc. and Xianning Bozhuang, is:

● Tea products cultivation, packaging, and sales;

● To sell high-grade synthetic fuel products

● To distribute beef and mutton products.

● To sell formaldehyde, urea-formaldehyde glue, methylal, and clean fuel oil

● Online advertising services and mobile games;

Results of Operations

The following discussion should be read in conjunction with the company’s unaudited consolidated financial statement for the three months ended March 31, 2023, and 2022 and related notes to that.

	Three months ended						Increase /			Increase /
	March 31,						Decrease			Decrease
(In Thousands of USD)	2023			2022			($)			(%)
Net revenues		8,534			11,979			(3,445	)		(29	)
Cost of revenues		8,288			10,816			(2,528	)		(23	)
Gross profit		246			1,163			(917	)		(79	)
Operating expenses:
Selling and marketing expenses		245			451			(206	)		(46	)
General and administrative expenses		1,092			1,803			(711	)		(39	)
Research & Developing expenses		69			9			60			667
Operating income (loss)		(1,160	)		(1,100	)		(60	)		5
Interest income (expense)		(116	)		(157	)		41			(26	)
Other income (expense)		38			85			(47	)		(55	)
(Loss) income before tax		(1,238	)		(1,172	)		(66	)		6
Income tax expense/(income)		(48	)		(89	)		41			(46	)
Loss from continuing operations		(1,286	)		(1,261	)		(25	)		2
Net (loss) income		(1,286	)		(1,261	)		(25	)		2

2

Net Revenues. Our net revenues for the three months ended March 31, 2023 amounted to $8.53 million, which represents a decrease of approximately $3.45 million, or 29%, from $11.98 million for the three months ended March 31, 2022. This decrease was attributable to the disposal of the subsidiary Anhui Ansheng Petrochemical Equipment Co. Ltd. in December 2022.

Cost of Revenues. During the three months ended March 31, 2023, we experienced a decrease in cost of revenue of $2.53 million or 23%, in comparison to the three months ended March 31, 2023, from approximately $10.82 million to $8.29 million. This decrease was mainly due to the disposal of the subsidiary Anhui Ansheng Petrochemical Equipment Co. Ltd. in December 2022.

Gross Profit. Our gross profit decreased by $0.92 million, or 79% to $0.25 million for the three months ended March 31, 2023 from $1.16 million for the three months ended March 31, 2022. This decrease was mainly due to the aforementioned reasons, attributable to the disposal of the subsidiary Anhui Ansheng Petrochemical Equipment Co. Ltd. in December 2022. 

Operating Expenses

Selling and Marketing Expenses. Our selling and marketing expenses decreased by $0,21 million, or 46%, to $0.25 million for the three months ended March 31, 2023 from $0.45 million for the three months ended March 31, 2022. The selling and marketing expenses mainly come from transportation and storage cost of $0.12 million and the sales staff salaries cost of $0.06 million.

General and Administrative Expenses. We experienced a decrease in general and administrative expense of $0.71 million from $1.80 million to approximately $1.09 million for the three months ended March 31, 2023, compared to the three months ended March 31, 2022. This expense decrease was mainly due to the disposal of the subsidiary Anhui Ansheng Petrochemical Equipment Co. Ltd. in December 2022. In addition to that, the main reason was the decline in third party service fees. The General and Administrative Expenses mainly come from third party service fees of $0.35 million; administrative staff salary costs of $0.17 million and depreciation; amortization expense of $0.29 million and other daily sporadic management costs. 

Net Loss

Our net loss increased by $0.03 million, or 2%, to a net loss of $1.29 million for the three months ended March 31, 2023 from $1.26 million in net loss for the three months ended March 31, 2022. This increase was mainly due to losses of disposal of the subsidiary, Anhui Ansheng Petrochemical Equipment Co., Ltd.

Going Concern and Capital Resources

In assessing our liquidity, we monitor and analyze our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating expenses, and capital expenditure obligations. In the reporting period in the fiscal period ended March 31, 2023, our primary sources of financing have been cash generated from operations.

3

As of March 31, 2023, we had cash and cash equivalents (including restricted cash) of $0.22 million and a working capital deficit of $6,536,923. For the three months ended March 31, 2023, we have incurred a net loss of $1,285,371. These factors raise substantial doubt on our ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. We expect to continue to finance our operations and working capital needs in 2023 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.

The following table provides detailed information about our net cash flow for all financial statement periods presented in this report.

Cash Flows Data:

	For the three months ended March 31
(In thousands of U.S. dollars)	2023			2022
Net cash flows used in operating activities		498			(5,326	)
Net cash flows used in investing activities		(23	)		(148	)
Net cash flows provided by financing activities		(238	)		5,545

Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2023 was approximately $0.5 million, while net cash used in operating activities for the same period in 2022 amounted to $5.33 million. Net Cash increase in operating activities was mainly due to a decrease of $ 1.93 million in prepayments and an increase of $4.53 million in other payables and accruals.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2023 was $0.02 million, representing a decrease of $0.13 million in net cash used in investing activities from $0.15 million for the same period of 2022.

Financing Activities

Net cash provided by financing activities for the three months ended March 31, 2023, was $0.24 million, representing a decrease of $5.79 million in net cash provided by financing activities from $5.55 million for the same period of 2022. This is mainly due to the repayment of related party loans, resulting in a change of approximately $1.09 million, and there was no issuance of common stock for cash transaction in 2023 as compared to the same period in 2022, leading to a difference of $7.00 million.

Critical Accounting Policies

The preparation of unaudited condensed consolidated financial statements in conformity with the United States generally accepted accounting principles requires our management to make assumptions, estimates, and judgments that affect the amounts reported in the unaudited condensed consolidated financial statements, including the notes to that, and related disclosures of commitments contingencies, if any.

We consider our critical accounting policies to require the more significant judgments and estimates in preparing unaudited condensed consolidated financial statements, including those outlined in Note 2 to the unaudited condensed consolidated financial statements included herein.

Off-Balance Sheet Arrangements

We do not have any off-balance arrangements.

4

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable. 

Item 4. CONTROLS AND PROCEDURES  

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2023. Based upon his evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective.

As a result, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the financial statements included in this Form 10-Q present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control Over Financial Reporting

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

5

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS

Risk Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in the Company’s registration statement on Form S3/A as filed with the SEC on April 18, 2023. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in the Company’s registration statement Form S3/A as filed with the SEC on April 18, 2023.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable. 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

6

ITEM 6. EXHIBITS

The following exhibits are filed as part of this report.

Exhibit No.	Description
31.1	Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	Inline XBRL Instance Document.*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*

* Filed herewith.

** Furnished herewith.

7

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PLANET GREEN HOLDINGS CORP.
Date: May 15, 2023	By:	/s/ Bin Zhou
		Bin Zhou, Chief Executive Officer and Chairman (Principal Executive Officer)

Date: May 15, 2023	By:	/s/ Lili Hu
		Lili Hu, Chief Financial Officer (Principal Financial and Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed by the following persons in the capacities and on the dates indicated.

8

EX-31.1

Exhibit 31.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302

I, Bin Zhou, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Planet Green Holdings Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 15, 2023	By:	/s/ Bin Zhou
		Bin Zhou,
		Chief Executive Officer and Chairman
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302

I, Lili Hu, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Planet Green Holdings Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 15, 2023	By:	/s/ Lili Hu
		Lili Hu, Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Planet Green Holdings Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: May 15, 2023	By:	/s/ Bin Zhou
		Bin Zhou,
		Chief Executive Officer and Chairman
		(Principal Executive Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Planet Green Holdings Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: May 15, 2023	By:	/s/ Lili Hu
		Lili Hu, Chief Financial Officer
		(Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Document Information Line Items
Entity Registrant Name	Planet Green Holdings Corp.
Trading Symbol	PLAG
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		72,081,930
Amendment Flag	false
Entity Central Index Key	0001117057
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34449
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-0430320
Entity Address, Address Line One	130-30 31st Ave
Entity Address, Address Line Two	Suite 512
Entity Address, City or Town	Flushing
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11354
City Area Code	(718)
Local Phone Number	799-0380
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

XML

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 224,216	$ 93,487
Accounts receivable, net	3,568,558	2,996,638
Inventories	3,957,324	4,153,680
Advances to suppliers	6,375,614	5,417,449
Other receivables	386,416	413,315
Other receivables-related parties	352,835	180,578
Prepaid expenses	512,541	579,826
Total current assets	15,377,504	13,834,973
Non-current assets
Plant and equipment, net	22,358,602	22,569,125
Intangible assets, net	3,062,206	3,070,172
Construction in progress, net	45,578	33,260
Long-term investments	16,526,980	16,488,157
Goodwill	4,724,698	4,724,699
Total non-current assets	46,718,064	46,885,413
Total assets	62,095,568	60,720,386
Current liabilities
Loans-current	3,638,110	3,589,582
Accounts payable	3,825,117	3,528,057
Advance from customers	3,525,116	2,624,070
Taxes payable	1,217,827	1,083,493
Other payables and accrued liabilities	5,410,343	4,412,833
Other payables-related parties	4,249,288	4,282,841
Deferred income	48,626	52,088
Total current liabilities	21,914,427	19,572,964
Non-current liabilities
Other long-term liabilities	257,355	273,757
Loans-noncurrent	291,049	287,167
Total non-current liabilities	548,404	560,924
Total liabilities	22,462,831	20,133,888
Stockholders’ equity
Preferred stock: $0.001 par value, 5,000,000 shares authorized; none issued and outstanding as of March 31, 2023 and December 31,2022
Common stock: $0.001 par value, 200,000,000 shares authorized; 72,081,930 and 35,581,930 shares Issued and outstanding as of March 31, 2023 and December 31,2022	72,082	72,082
Additional paid-in capital	155,702,975	155,702,975
Accumulated deficit	(121,166,172)	(119,880,801)
Accumulated other comprehensive income	5,023,852	4,692,242
Total stockholders’ equity	39,632,737	40,586,498
Total liabilities and stockholders’ equity	$ 62,095,568	$ 60,720,386

XML

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	72,081,930	35,581,930
Common stock, shares outstanding	72,081,930	35,581,930

XML

Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 8,534,292	$ 11,979,355
Cost of revenues	8,287,866	10,816,396
Gross profit	246,426	1,162,959
Operating expenses:
Selling and marketing expenses	244,719	451,242
General and administrative expenses	1,092,902	1,802,809
Research & Developing expenses	68,719	8,925
Total operating expenses	1,406,340	2,262,976
Operating (loss) income	(1,159,914)	(1,100,017)
Other (expenses) income
Interest income	104	8,541
Interest expenses	(116,213)	(165,767)
Other income	38,715	99,511
Other expenses	(439)	(14,304)
Total other (expenses) income	(77,833)	(72,019)
Loss before income taxes	(1,237,747)	(1,172,036)
Income tax expenses	47,624	89,403
Net loss	(1,285,371)	(1,261,439)
Less: Net loss attributable to non-controlling interest		(31,662)
Net loss attributable to common stockholders	(1,285,371)	(1,229,777)
Net loss	(1,285,371)	(1,261,439)
Foreign currency translation adjustment	331,610	166,157
Total comprehensive loss	(953,761)	(1,095,282)
Less: Comprehensive (loss) income attribute to non-controlling interest		(26,568)
Comprehensive (loss) income attribute to common share holders	$ (953,761)	$ (1,068,714)
Net loss per share of common stock - basic and diluted (in Dollars per share)	$ (0.02)	$ (0.03)
Basic weighted average shares outstanding (in Shares)	72,081,930	41,648,597

XML

Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Common shareholders, diluted	$ (0.02)	$ (0.03)
weighted average shares outstanding diluted	72,081,930	41,648,597

XML

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Non- Controlling Interests	Total
Balance at Dec. 31, 2021	$ 35,582	$ 133,232,224	$ (94,072,383)	$ 7,711,057	$ 4,349,870	$ 51,256,350
Balance (in Shares) at Dec. 31, 2021	35,581,930
Net loss			(1,229,777)		(31,662)	(1,261,439)
Issuance of common stock for cash	$ 7,000	6,993,000				7,000,000
Issuance of common stock for cash (in Shares)	7,000,000
Acquiring non-controlling interests		(2,900,742)			(2,349,258)	(5,250,000)
Foreign currency translation adjustment				161,062	5,094	166,156
Balance at Mar. 31, 2022	$ 42,582	137,324,482	(95,302,160)	7,872,119	1,974,044	51,911,066
Balance (in Shares) at Mar. 31, 2022	42,581,930
Balance at Dec. 31, 2022	$ 72,082	155,702,975	(119,880,801)	4,692,242		40,586,498
Balance (in Shares) at Dec. 31, 2022	72,081,930
Net loss			(1,285,371)			(1,285,371)
Foreign currency translation adjustment				331,610
Balance at Mar. 31, 2023	$ 72,082	$ 155,702,975	$ (121,166,172)	$ 5,023,852		$ 39,632,737
Balance (in Shares) at Mar. 31, 2023	72,081,930

XML

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPFRATING ACTIVITIFS:
Net loss	$ (1,285,371)	$ (1,261,439)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation	528,762	580,306
Amortization	49,604	62,176
Amortization of operating lease right-of-use assets		104,692
Impairment of equipment		3,591
Note and account receivables net	(533,622)	470,712
Inventories	253,397	(225,068)
Prepayments and deposit	(783,119)	(2,712,763)
Other receivables	32,601	(70,731)
Accounts payables	333,589	47,902
Advance from customer	869,145	1,171,786
Other payables and accruals	942,558	(3,584,314)
Taxes payable	90,184	84,201
Deferred income		(3,758)
Lease liability		7,000
Net cash provided by (used in) operating activities	497,729	(5,325,707)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment	(23,234)	(124,681)
Purchase of intangible assets		(23,398)
Net cash provided by (used) in investing activities	(23,234)	(148,079)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of short-term loan		(127,014)
Changes in related party balances, net	(238,294)	(1,327,669)
Proceeds from issuance of common stock		7,000,000
Net cash provided by (used in) financing activities	(238,294)	5,545,317
Net decrease in cash and cash equivalents	236,201	71,531
EFFECT OF EXCHANGE RATE ON CASH	(105,472)	110,064
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	93,487	1,131,408
CASH AND CASH EQUIVALENTS AT END OF YEAR	224,216	1,313,003
SUPPLEMENTARY OF CASH FLOW INFORMATION
Interest received	104	8,541
Interest paid	116,213	165,767
NON-CASH TRANSACTIONS
Operating lease right-of-use assets		$ 480,074

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Organization and Principal Activities

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Organization and Principal Activities

1. Organization and Principal Activities

Planet Green Holdings Corp. (the “Company” or “PLAG”) is a holding company incorporated in Nevada. The Company are engaged in various businesses through our subsidiaries and controlled entities in China.

The accompanying unaudited condensed consolidated financial statements reflect the activities of Planet Green Holdings Corp. and each of the following entities:

	Place of	Attributable equity		Registered
Name of Company	incorporation	interest %		capital
Promising Prospect BVI Limited (formerly known as Planet Green Holdings Corporation)	The British Virgin Islands		100	$	10,000
Promising Prospect HK Limited (formerly known as Lucky Sky Planet Green Holdings Co., Limited (H.K.))	Hong Kong		100		1
Jiayi Technologies (Xianning) Co., Ltd.	PRC		100		2,000,000
Fast Approach Inc.	Canada		100		79
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST)	PRC		100		-
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.	PRC		100		4,710,254
Xianning Bozhuang Tea Products Co., Ltd.	PRC		100		6,277,922
Jilin Chuangyuan Chemical Co., Ltd.	PRC		VIE		9,280,493
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)	Hong Kong		100		10,000
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)	PRC		100		30,000,000
Shandong Yunchu Supply Chain Co., Ltd.	PRC		100		5,000,000
Allinyson Ltd.	The United States		100		100,000
Shine Chemical Co., Ltd.	The British Virgin Islands		100		8,000
Guangzhou Haishi Technology Co., Ltd.	PRC		100		156,250
Baokuan Technology (Hongkong) Limited	Hong Kong		100		1,250

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying consolidated financial statements. Ownership interests of subsidiaries that the Company does not wholly own are accounted for as non-controlling interests.

On May 18, 2018, the Company incorporated Planet Green Holdings Corporation, a limited company incorporated in the British Virgin Islands. On September 28, 2018, Planet Green BVI acquired JianShi Technology Holding Limited, a limited company incorporated in Hong Kong on February 21, 2012, and Shanghai Xunyang Internet Tech Co., Ltd., a wholly-owned foreign entity incorporated in Shanghai, PRC, on August 29, 2012 (“Shanghai Xunyang”).

On August 12, 2019, through Promising Prospect HK Limited, formerly known as JianShi Technology Holding Limited, Company established Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China.

On December 20, 2019, The Promising Prospect HK Limited sold 100% of equity interest in Shanghai Xunyang.

On May 29, 2020, the Promising Prospect BVI Limited incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited company incorporated in Hong Kong.

On June 5, 2020, the Promising Prospect BVI Limited acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada’s laws and the operation of a demand-side platform targeting the Chinese education market in North America.

On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.).

On September 15, 2020, Lucky Sky Petrochemical terminated the VIE agreements with Shenzhen Lorain and Taishan Muren.

On August 10, 2020, Promising Prospect BVI Limited transferred its 100% equity interest in Promising Prospect HK Limited to Rui Tang.

On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd.

On January 6, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On March 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On July 15, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd for the transfer to 66% of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd. has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd and acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd. As a result, Xianning Bozhuang Tea Products Co., Ltd has been wholly-owned subsidiaries of the Jiayi Technologies (Xianning) Co., Ltd.

On August 3, 2021, the Planet Green Holding Corp has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd, Bless Chemical Co., Ltd. and Hubei Bryce Technology Co., Ltd have been wholly-owned subsidiaries of the Planet Green Holding Corp.

On September 1st, 2021, Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd has changed its major shareholder from Mr. Feng Chao to Hubei Bryce Technology Co., Ltd and Hubei Bryce Technology Co., Ltd has hold 85% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd after the alteration of shareholders.

On December 9, 2021, Planet Green Holdings Corporation(Nevada) issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

On September 14, 2022, Planet Green Holdings Corp. and Hubei Bulaisi Technology Co., Ltd. a subsidiary of the Company, entered into a Share Purchase Agreement with Xue Wang, a shareholder of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. Before the closing of this Share Purchase transaction, the Company owns 85% equity interest of Jingshan through the Purchaser. On September 14, 2022, the Company closed the Share Purchase transaction. As of September 30, 2022, Hubei Bryce Technology Co., Ltd. has hold 100% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

Consolidation of Variable Interest Entity

On September 27, 2018, through Shanghai Xunyang, the Company entered into exclusive VIE agreements with Beijing Lorain, Luotian Lorain, Shandong Greenpia, Taishan Muren, and Shenzhen Lorain and their shareholders that give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies.

On May 14, 2019, through Shanghai Xunyang, the Company entered into a series of VIE agreements with Xianning Bozhuang and its equity holders to obtain control. It became the primary beneficiary of Xianning Bozhuang. The Company consolidated Xianning Bozhuang’s accounts as its VIE.

On December 20, 2019, the Company sold 100% of equity interest in Shanghai Xunyang and terminated its VIE agreements with Xianning Bozhuang, Shenzhen Lorain, and Taishan Muren.

On December 20, 2019, through Lucky Sky Petrochemical, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Taishan Muren, Xianning Bozhuang, and Shenzhen Lorain, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On September 6, 2020, it terminated its VIE agreements with Shenzhen Lorain and Taishan Muren.

On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Jilin Chuangyuan Chemical Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On July 15, 2021 through Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd, the Company entered into exclusive VIE agreements (“VIE Agreements”) with Anhui Ansheng Petrochemical Equipment Co., Ltd, as well as their shareholders, which give the Company the ability to substantially influence those companies’ daily operations and financial affairs and appoint their senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts as VIEs.

On August 1, 2021, Jiayi Technologies (Xianning) Co., Ltd has terminated the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd.

On December 16, 2022, Jiayi Technologies (Xianning) Co., Ltd terminated the VIE agreements with Xiaodong Cai and Anhui Ansheng Petrochemical Equipment Co., Ltd. 

Each of the VIE Agreements is described in detail below:

Consultation and Service Agreement

Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice. Under the Consultation and Service Agreement, WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource, technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies’ consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement at any time by giving 30 day’s prior written notice.

Business Cooperation Agreement

Pursuant to the Business Cooperation Agreement, WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time by giving 30 day’s prior written notice.

Equity Pledge Agreements

According to the Equity Pledge Agreements among WFOE, operating entities, and each of operating entities’ shareholders, shareholders of the operating entities pledge all of their equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the Technical Consultation and Service Agreement and other control agreements. Besides, shareholders of the operating entities are in the process of registering the equity pledge with the competent local authority.

Equity Option Agreements

According to the Equity Option Agreements, WFOE has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder’s equity interests in the operating companies, once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. The purchase price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s).

Voting Rights Proxy Agreements

According to the Voting Rights Proxy Agreements, each shareholder irrevocably appointed WFOE or WFOE’s designee to exercise all his or her rights as the shareholders of the operating entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder’s voting rights concerning all matters to be discussed and voted in the shareholders’ meeting. The term of each Voting Rights Proxy Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification.

Based on the foregoing contractual arrangements, The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd., Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and Jilin Chuangyuan Chemical Co., Ltd. in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810-10, Consolidation.

Enterprise-wide disclosure

The Company’s chief operating decision-makers (i.e. chief executive officer and her direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by business lines for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss of $1,285,371 for the three months ended March 31, 2023. As of March 31, 2023, the Company had an accumulated deficit of $121,166,172, cash and cash equivalents of $224,216 a working capital deficit of $6,536,923; its net cash provided by operating activities for the three months ended March 31, 2023 was $497,729.

These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023 or any future period.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 31, 2023.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.

Use of Estimates

The unaudited condensed consolidated financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Significant estimates required to be made by management include but are not limited to add accounts that use significant estimates, such as the allowance for estimated uncollectible receivables, realizability of advance to suppliers, inventory valuations, etc.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of March 31, 2023, the Company had cash and cash equivalents (including restricted cash) of $224,216 compared to $93,487 as of December 31, 2022.

Accounts Receivables

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred.

Inventories

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

Advances and Prepayments to Suppliers

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory.

Plant and Equipment

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

Buildings	20-40 years
Landscaping, plant, and tree	30 years
Machinery and equipment	1-10 years
Motor vehicles	5-10 years
Office equipment	5-20 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

Intangible Assets

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

Land use rights	50 years
Software licenses	2 years
Trademarks	10 years

Construction in Progress and Prepayments for Equipment

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the Impairment of Long-lived Assets

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. 

Statutory Reserves

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

Foreign Currency Translation

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

	03/31/2023		12/31/2022		03/31/2022
Period-end US$: CAD$ exchange rate		1.3521		1.3554		1.2484
Period-end US$: RMB exchange rate		6.8717		6.9646		6.3482
Period-end US$: HK exchange rate		7.8497		7.7967		7.8275
Period average US$: CAD$ exchange rate		1.3534		1.3012		1.2668
Period average US$: RMB exchange rate		6.8476		6.7261		6.3504
Period average US$: HK exchange rate		7.8389		7.8310		7.8062

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

Revenue Recognition

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expect to be entitled to in exchange for those goods or services.

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

● identify the contract with a customer;

● identify the performance obligations in the contract;

● determine the transaction price;

● allocate the transaction price to performance obligations in the contract; and;

● Recognize revenue as the performance obligation is satisfied.

Advertising

All advertising costs are expensed as incurred.

Shipping and Handling

All outbound shipping and handling costs are expensed as incurred.

Research and Development

All research and development costs are expensed as incurred.

Retirement Benefits

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

Stock-Based Compensation

The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes”, accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

Comprehensive Income

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

Net Loss per Share of Common Stock

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

Fair Value Measurement

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.

● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Long-term Investments

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s unaudited condensed consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s condensed consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Commitments and Contingencies 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

Recent Accounting Pronouncements

In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for adjustments to tax effects that were originally recorded in other comprehensive income due to changes in the U.S. federal corporate income tax rate resulting from the enactment of the U.S. tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

On June 20, 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective for us on January 1, 2019. Early adoption is permitted, including in interim periods, and should be applied to all new awards granted after the date of adoption. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes several changes meant to add, modify or remove specific disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this Update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The modifications are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company’s condensed financial statements.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company adopted this guidance on January 1, 2023. The adoption did not have significant impact on the Company’s unaudited condensed consolidated financial statements.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

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Variable Interest Entity (“VIE”)

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Variable Interest Entity (“VIE”)

3. Variable Interest Entity (“VIE”)

A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. If any, the variable interest holder with a controlling financial interest in a VIE is deemed the primary beneficiary and must consolidate the VIE. PLAG WOFE is deemed to have the controlling financial interest and be the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd because it has both of the following characteristics:

1) The power to direct activities at Jilin Chuangyuan Chemical Co., Ltd that most significantly impact such entity’s economic performance, and

2) The obligation to absorb losses and the right to receive benefits from Jilin Chuangyuan Chemical Co., Ltd. that could potentially be significant to such entity. Under the Contractual Arrangements, Jilin Chuangyuan Chemical Co., Ltd. pay service fees equal to all of its net income to PLAG WFOE. At the same time, PLAG WFOE is obligated to absorb all of the Jilin Chuangyuan Chemical Co., Ltd.’s losses. The Contractual Arrangements are designed to operate Jilin Chuangyuan Chemical Co., Ltd. for the benefit of PLAG WFOE and ultimately, the Company. Accordingly, the accounts of Jilin Chuangyuan Chemical Co., Ltd. are consolidated in the accompanying consolidated financial statements. In addition, those financial positions and results of operations are included in the Company’s consolidated financial statements.

The carrying amount of VIE’s consolidated assets and liabilities are as follows:

	3/31/2023			12/31/2022
Assets
Current assets
Cash and cash equivalents	$	144,376		$	39,815
Accounts receivable, net		1,002,619			730,341
Inventories		739,792			947,466
Advances to suppliers		355,911			187,708
Other receivables		73,003			65,531
Inter company receivable		1,600,768			1,579,416
Total current assets		3,916,469			3,550,277
Non-current assets
Plant and equipment, net		8,966,940			9,115,598
Intangible assets, net		1,946,641			1,932,386
Construction in progress, net		21,247			20,963
Total non-current assets		10,934,828			11,068,947
Total assets	$	14,880,402		$	14,619,224
Liabilities and Stockholders’ Equity
Current liabilities
Short-term bank loans	$	3,638,110		$	3,589,582
Accounts payable		544,200			540,371
Advance from customers		86,811			14,395
Taxes payable		38,626			18,005
Other payables and accrued liabilities		3,340,277			2,590,572
Intercompany Payable		3,124,496			3,082,819
Other payables-related parties		1,422,903			1,535,974
Long term payable-current portion		227,770			287,167
Deferred income		33,834			37,332
Total current liabilities		12,457,027			11,696,217
Non-current liabilities
Long-term payables		291,049			244,245
Total non-current liabilities		291,049			244,245
Total Liabilities		12,748,076			11,940,462
Paid-in capital		9,280,493			9,280,493
Statutory Reserve		29,006			29,006
Accumulated deficit		(6,360,593	)		(5,775,895	)
Accumulated other comprehensive income		(816,580	)		(854,842	)
Total stockholders’ equity		2,132,326			2,678,762
Total liabilities and stockholders’ equity	$	14,880,402		$	14,619,224

The summarized operating results of the VIE’s are as follows:

	03/31/2023			03/31/2022
Operating revenues	$	2,193,521		$	3,961,230
Gross profit		(85,629	)		627,333
loss from operations		(507,486	)		(143,419	)
Net loss		(584,698	)		(282,176	)

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Business Combination

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Business Combination

4. Business Combination

Acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.

On January 4, 2021, Planet Green Holdings Corporation (Nevada) and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. and its equity holders to obtain control and become the primary beneficiary of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. The Company consolidated Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.’s accounts as its VIE. According to the VIE agreements, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

The Company’s acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jingshan Sanhe based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.:

Total consideration at fair value $ 4,730,000

	Fair Value
Cash	$	114,162
Accounts receivable, net		-
Inventories, net		584,119
Advances to suppliers		1,104,705
Other receivables		536,090
Right-of-use assets		1,044,933
Plant and equipment, net		3,867,906
Deferred tax assets		281,243
Goodwill		923,313
Total assets	$	8,456,471
Short-term loan – bank		(440,522	)
Lease payable-current portion		(406,376	)
Accounts payable		(715,019	)
Advance from customers		(627,128	)
Other payables and accrued liabilities		(50,085	)
Lease payable-non current portion		(818,446	)
Income taxes payable		(217	)
Total liabilities		(3,057,793	)
Noncontrolling interest		(668,678	)
Net assets acquired	$	4,730,000

Approximately $0.92 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jingshan Sanhe. None of the goodwill is expected to be deductible for income tax purposes.

Acquisition of Jilin Chuangyuan Chemical Co., Ltd.

On March 9, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Jilin Chuangyuan Chemical Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Jilin Chuangyuan Chemical Co., Ltd. The Company consolidated Jilin Chuangyuan Chemical Co., Ltd’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co., Ltd in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above.

The Company’s acquisition of Jilin Chuangyuan Chemical Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Jilin Chuangyuan based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considering several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Jilin Chuangyuan Chemical Co., Ltd.:

Total consideration at fair value $ 8,085,000

	Fair Value
Cash	$	95,237
Accounts receivable, net		868,874
Inventories, net		581,569
Advances to suppliers		388,349
Other receivables		123,969
Other receivables-RP		212,594
Plant and equipment, net		11,109,220
Intangible assets, net		2,149,910
Deferred tax assets		415,154
Goodwill		3,191,897
Total assets	$	19,136,773
Short-term loan – bank		(3,826,934	)
Long term payable		(1,162,355	)
Accounts payable		(575,495	)
Advance from customers		(291,655	)
Other payables and accrued liabilities		(2,815,356	)
Other payables-RP		(765,387	)
Income taxes payable		(1,073	)
Total liabilities		(9,438,255	)
Non controlling interest		(1,613,518	)
Net assets acquired	$	8,085,000

Approximately $3.19 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Jilin Chuangyuan Chemical Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

Acquisition of Shandong Yunchu Trading Co., Ltd.

On December 9, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a Share Exchange Agreement with Shandong Yunchu Supply Chain Co., Ltd, and each of shareholders of Shandong Yunchu Supply Chain Co., Ltd. The Company issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

The Company’s acquisition of Shandong Yunchu Supply Chain Co., Ltd was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Shandong Yunchu Supply Chain Co., Ltd based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Shandong Yunchu Supply Chain Co., Ltd:

Total consideration at fair value $ 5,420,920

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	77,427
Trade receivable and Note receivable		780,556
Inventories		-
Related party receivable		86,448
Other current assets		4,899,559
Plant and equipment, net		-
Intangible assets, net		-
Goodwill		4,724,698
Total assets	$	10,568,688
Short-term loan-bank		-
Related party payable		-
Accounts payable		(992,424	)
Other current liabilities		(4,155,344	)
Total liabilities		(5,147,768	)
Non-controlling interest		-
Net assets acquired	$	5,420,920

Approximately $4.72 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Shandong Yunchu Supply Chain Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

Acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd.

On July 15, 2021, the Company and its wholly-owned subsidiary Jiayi Technologies (Xianning) Co., Ltd., formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., entered into a series of VIE agreements with Anhui Ansheng Petrochemical Equipment Co., Ltd and its equity holders to obtain control and become the primary beneficiary of Anhui Ansheng Petrochemical Equipment Co., Ltd. The Company consolidated Anhui Ansheng Petrochemical Equipment Co., Ltd.’s accounts as its VIE. Under the VIE agreements, the Company issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd. The significant terms of these VIE agreements are summarized in “Note 2 - Summary of Significant Accounting Policies” above.

The Company’s acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Anhui Ansheng Petrochemical Equipment Co., Ltd. based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Anhui Ansheng Petrochemical Equipment Co., Ltd.

Total consideration at fair value $ 7,926,000

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	288,122
Trade receivable and Note receivable		944,704
Inventories		3,236,008
Related party receivable		2,500,117
Other current assets		1,393,817
Plant and equipment, net		4,036,649
Intangible assets, net		635,738
Goodwill		10,263,937
Total assets	$	23,299,092
Short-term loan-bank		(3,735,614	)
Related party payable		(2,639,938	)
Accounts payable		(1,966,099	)
Other current liabilities		(3,902,896	)
Total liabilities		(12,244,547	)
Non controlling interest		(3,758,545	)
Net assets acquired	$	7,296,000

Approximately $10.26 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Anhui Ansheng Petrochemical Equipment Co., Ltd. None of the goodwill is expected to be deductible for income tax purposes.

On December 12, 2022, the Company disposed of the interest held of Anhui Ansheng Petrochemical Equipment Co., Ltd.

Acquisition of Allinyson Ltd.

On April 8, 2022, Planet Green Holdings Corp. (the “Company”) entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Allinyson Ltd., and each of shareholders of Allinyson Ltd.. The Company issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the transfer to 100% of the equity interest of Allinyson Ltd. to the Company.

The Company’s acquisition of Allinyson Ltd. was accounted for as a business combination following ASC 805. The Company has allocated the purchase price of Allinyson Ltd. based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities taken at the acquisition date following the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date and considered several other available factors. Acquisition-related costs incurred for the acquisitions are not material and expensed as incurred in general and administrative expenses.

The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Allinyson Ltd.

Total consideration at fair value $ 7,429,500

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	246,322
Trade receivable and Note receivable		372,538
Goodwill		7,193,965
Total assets	$	7,812,825
Related party payable		(73,623	)
Accounts payable		(273,000	)
Other current liabilities		(36,702	)
Total liabilities		(383,325	)
Net assets acquired	$	7,429,500

Approximately $7.19 million of goodwill arising from the acquisition consists mainly of synergies expected from combining the operations of the Company and Allinyson Ltd. None of the goodwill is expected to be deductible for income tax purposes.

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Account Receivable, Net

3 Months Ended

Mar. 31, 2023

Account receivable, net [Abstract]

Account Receivable, Net

5. Account Receivable, Net

The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers.

	03/31/2023			12/31/2022
Trade accounts receivable	$	3,939,811		$	3,362,939
Less: Allowance for doubtful accounts		(371,253	)		(366,301	)
	$	3,568,558		$	2,996,638
Allowance for doubtful accounts
Beginning balance:		(366,301	)		(1,662,516	)
Additions to allowance		(4,952	)		(64,899	)
Bad debt written-off		-			1,361,114
Ending balance	$	(371,253	)	$	(366,301	)

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Advances to Suppliers

3 Months Ended

Mar. 31, 2023

Advances and Prepayments to Suppliers [Abstract]

Advances to Suppliers

6. Advances to Suppliers

Prepayments include investment deposits to guarantee investment contracts and advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:

	03/31/2023		12/31/2022
Payment to suppliers and vendors	$	6,375,614	$	5,417,449
Total	$	6,375,614	$	5,417,449

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Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

7. Inventories

Inventories consisted of the following as of March 31, 2023 and December 31, 2022

	03/31/2023			12/31/2022
Raw materials	$	1,830,780		$	1,965,389
Inventory of supplies		-			-
Work in progress		1,484,185			1,455,229
Finished goods		844,251			932,261
Allowance for inventory reserve		(201,892	)		(199,199	)
Total	$	3,957,324		$	4,153,680

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Plant and Equipment

3 Months Ended

Mar. 31, 2023

Plant and Equipment [Abstract]

Plant and Equipment

8. Plant and Equipment

Plant and equipment consisted of the following as of March 31, 2023 and December 31, 2022.

	03/31/2023			12/31/2022
At Cost:
Buildings	$	20,201,245		$	19,924,811
Machinery and equipment		11,479,369			11,322,085
Office equipment		775,701			765,413
Motor vehicles		1,485,032			1,465,225
		33,941,347			33,477,534
Less: Impairment		(769,465	)		(759,201	)
Less: Accumulated depreciation		(10,813,280	)		(10,149,207	)
		22,358,602			22,569,125
Construction in progress		45,578			33,260
	$	22,404,180		$	22,602,385

Depreciation expense for the three months ended March 31, 2023 and 2022 was $664,073 and $580,505, respectively.

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Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

9. Intangible Assets

	03/31/2023			12/31/2022
At Cost:
Land use rights		3,093,001			3,051,744
Software licenses		67,811			67,464
Trademark		929,360			916,963
	$	4,090,172		$	4,036,171
Less: Accumulated amortization		(1,027,966	)		(966,000	)
	$	3,062,206		$	3,070,171

Amortization expense for the three months ended March 31, 2023 and 2022 was $61,966 and $62,196, respectively.

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Long-term Investment

3 Months Ended

Mar. 31, 2023

Long-term Investment [Abstract]

Long-term Investment

10. Long-term Investment

The Company entered into an investment agreement with Xianning Xiangtian Energy Holdings Group Co., Ltd. to acquire 40% of the equity interests in the company, with total consideration of $13.62 million, which was paid in 2022. The investment was accounted for under the equity method because the Company can exercise significant influence over the company as the investee but does not own a majority of the equity interests in or control the company. As of March 31, 2023, the carrying amount of this equity method investment reflected the Company’s proportionate share of the equity in the investee company.

Besides, the Company made an initial investment of $2.91 million in return for a limited partner interest in Shandong Ningwei New Energy Technology Co., Ltd. The Company accounted for the investment using the cost method, as the investment did not have a readily determinable fair value.

As of March 31, 2023 and December 31, 2022, the balance of long term investment was $16,526,980 and $16,488,157.

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Other Payable

3 Months Ended

Mar. 31, 2023

Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]

Other Payable

11. Other Payable

As of March 31, 2023 and December 31, 2022, the balance of other payable was $5,410,343 and $4,412,833. Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties.

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Advance From Customer

3 Months Ended

Mar. 31, 2023

Advance From Customer Abstract

Advance From Customer

12. Advance from Customer

For our operation, the proceeds received from sales are initially recorded as advances from customers, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period. As of March 31, 2023, and December 31, 2022, the outstanding balance of the advance from customers was $3,525,116 and $2,624,070 respectively. Due to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting period.

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Related Parties Transaction

3 Months Ended

Mar. 31, 2023

Related Parties Transaction [Abstract]

Related Parties Transaction

13. Related Parties Transaction

As of March 31, 2023 and December 31, 2022, the outstanding balance due from related parties was $352,835 and $180,578, respectively. Significant related parties comprised much of the total outstanding balance as of March 31, 2023are stated below:

The outstanding balance of $266,436 was due from Mr. Chen Xing, the management of the Shandong Yunchu;

The outstanding balance of $35,178 was due from Mr. Xiong Haiyan, the management of the Jingshan Sanhe;

The outstanding balance of $29,105 was due from Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company;

The outstanding balance of $22,116 was due from Mr. Lu Jun, the management of the Jingshan Sanhe.

These above nontrade receivables arising from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand.

As of March 31, 2023 and December 31, 2022, the outstanding balance due to related parties was $4,249,288 and $4,282,841, respectively. Significant parties comprised much of the total outstanding balance as of March 31, 2023 are stated below:

The outstanding balance of $1,177,996 was due to Anhui Ansheng Petrochemical Equipment Co. Ltd., a former subsidiary of the company.

The outstanding balance of $999,753 was due to Ms. Yan Yan, the spouse of the legal representative of Jilin Chuangyuan Chemical Co., Ltd.;

The outstanding balance of $1,129,959 was due to Mr. Bin Zhou, Chief Executive Officer and Chairman of the Company;

The outstanding balance of $492,607 was due to Meihekou Chuangtai Chemical Co. Ltd., which has the same legal representative, Chen Yongsheng, as the subsidiary of Jilin Chuangyuan Chemical Co., Ltd.

The outstanding balance of $869,894 was due to a couple of executives of the subsidiaries of the Company;

The balance was advanced for working capital of the Company, non-interest bearing, and unsecured unless further disclosed.

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Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

14. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Company’s acquisitions of interests in its subsidiaries and VIEs. If the carrying amount of the goodwill exceeds its implied fair market value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The changes in the carrying amount of goodwill by entities are as follows:

	Ansheng			Baokuan			Fast		JSSH		JLCY			SDYC
Balance as of December 31, 2021	$	1,026,337		$	-		$	-	$	-	$	3,191,897		$	4,724,698
Goodwill acquired		-			7,193,965			-		-		-			-
Goodwill impairment					(7,193,965	)		-		-		(3,191,897	)		-
Disposal of subsidiaries		(1,026,337	)		-			-		-		-			-
Balance as of December 31, 2022	$	-		$	-		$	-	$	-	$	-		$	4,724,698
Goodwill acquired		-			-			-		-		-			-
Goodwill impairment		-			-			-		-		-			-
Balance as of March 31, 2023	$	-		$	-		$	-	$	-	$	-		$	4,724,698

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Bank Loans

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Bank Loans

15. Bank Loans

The outstanding balances on short-term bank loans consisted of the following:

Lender	Maturities	Weighted average interest rate			03/31/2023		12/31/2022
Rural Credit Cooperatives of Jilin Province, Jilin Branch	Due in November 2023		7.83	%		3,638,110		3,589,582

Buildings and land use rights in the amount of $10,178,520 are used as collateral for Jiling Branch. The short-term bank loan which is denominated in Renminbi was primarily obtained for general working capital.

Interest expense for the three months ended March 31, 2023 and 2022 was $ 71,467 and $ 103,797 respectively.

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Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

16. Equity

On May 9, 2019, the Company and its wholly owned subsidiary Shanghai Xunyang Internet Technology Co., Ltd. (“Subsidiary”) entered into a Share Exchange Agreement with Xianning Bozhuang Tea Products Co., Ltd. (“Target”) and each of the shareholders of Target (collectively, “Sellers”). Such transaction closed on May 14, 2019. Under the Share Exchange Agreement, the Subsidiary acquired all outstanding equity interests of Target, a company that produces tea products and sells such products in China. Pursuant to the Share Exchange Agreement, the Company issued an aggregate of 1,080,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all of the equity interest of the Target to the Subsidiary.

On June 17, 2019, the Company entered into a securities purchase agreement, under which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price of $4.20 per share. The transaction closed on June 19, 2019.

On February 10, 2020, the Company entered into a securities purchase agreement with Mengru Xu and Zhichao Du, according to which Ms. Xu and Mr. Du agreed to invest an aggregate of $3.51 million in the Company in exchange for an aggregate of 1,350,000 shares of common stock, representing a purchase price of approximately $2.60 per share. On February 28, 2020, the Company closed the transaction.

On June 5, 2020, the Company issued an aggregate of 1,800,000 shares of its common stock to acquire all the outstanding equity interest of Fast Approach Inc., a corporation incorporated under the laws of Canada and in the business of operating a demand side platform targeting the Chinese education market in North America. 

On December 30, 2020, the Company issued a total of 782,165 ordinary shares to six employees of the Company. Total fair value of these ordinary shares was approximately $1.75 million and the compensation expenses are to be recognized in the fiscal year 2020 because there is no employee’s requisite service period requirement.

On January 4, 2021, the Company issued an aggregate of 2,200,000 shares of its common stock to the original shareholders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. in exchange for the transfer of 85% of the equity interests of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. to the Company.

On January 26, 2021, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 2,700,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $6,750,000, representing a purchase price of $2.50 per Share.

On March 9, 2021, the Company issued an aggregate of 3,300,000 shares of common stock of the Company to the original shareholder of Jilin Chuangyuan Chemical Co., Ltd. in exchange for the transfer of 75% of the equity interest of Jilin Chuangyuan Chemical Co., Ltd. to the Company.

On April 26, 2021, the Company has entered into a Share Purchase Agreement with three investors, Pursuant to the agreement, the Company will receive gross proceeds of $7,600,000 in the aggregate, in exchange for the issuance of an aggregate of 4,000,000 shares of the Company’s common stock, representing a purchase price of approximately $1.90 per share.

On July 15, 2021, the Company has issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment Co., Ltd. in exchange for the transfer of 66% of the equity interest of Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Company.

On July 30, 2021, the Company issued a total of 872,000 ordinary shares to seven employees of the Company. Total fair value of these common shares was approximately $1.16 million. The compensation expenses are to be recognized in the fiscal year 2021 because there is no employee’s requisite service period requirement.

On December 30, 2021, The Company issued an aggregate of 5,900,000 shares of common stock to the equity holders of A Shandong Yunchu Supply Chain Co., Ltd for the transfer to 100% of the equity interest of Shandong Yunchu Supply Chain Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd.

On January 13, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which three individuals residing in the People’s Republic of China agreed to purchase an aggregate of 7,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $7,000,000, representing a purchase price of $1.00 per Share.

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd.

On May 19, 2022, the Company entered into a Securities Purchase Agreement, pursuant to which two investors agreed to purchase an aggregate of 10,000,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate purchase price of $4,100,000, representing a purchase price of $0.41 per Share.

On July 20, 2022, the Company acquired 30% equity interest of the Xianning Xiangtian Energy Holdings Group Co., Ltd. and the Company issued 12,000,000 shares of common stock to the Sellers.

As of March 31, 2023, there were 72,081,930 shares of common stock outstanding.

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Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

United States

On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. As the Company has a December 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of 21% for the Company’s fiscal year ending December 31, 2022 and 2021, respectively. Accordingly, the Company has remeasured the Company’s deferred tax assets on net operating loss carryforwards (“NOLs”) in the U.S at the lower enacted cooperated tax rate of 21%. However, this remeasurement has no effect on the Company’s income tax expenses as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

Additionally, the Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The change in rate has caused the Company to remeasure all U.S. deferred income tax assets and liabilities for temporary differences and NOLs and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company’s income tax expenses as the Company has no undistributed foreign earnings prior to December 31, 2022 which the Company has foreign cumulative losses at December 31, 2022.

British Virgin Islands

Planet Green Holdings Corporation BVI is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Lucky Sky Planet Green Holdings Co., Limited (H.K.) is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, Lucky Sky Planet Green Holdings Co., Limited (H.K.) is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

PRC

The Company PRC subsidiaries and VIEs and their controlled entities are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC, Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.

Significant components of the income tax expense consisted of the following for the three months ended March 31, 2023 and 2022: 

	3/31/2023			3/31/2022
Loss attributed to PRC operations	$	(923,175	)	$	(696,122	)
Loss attributed to U.S. operations		(364,073	)		(387,369	)
Income attributed to Canada operations		49,501			(88,545	)
Income attributed to BVI		-			-
Loss before tax	$	(1,237,747	)	$	(1,172,036	)
PRC Statutory Tax at 25% Rate		(230,794	)		(174,031	)
Effect of tax exemption granted		-			-
Valuation allowance		278,418			263,434
Income tax	$	47,624		$	89,403
Per Share Effect of Tax Exemption
Effect of tax exemption granted	$	-		$	-
Weighted-Average Shares Outstanding Basic		72,081,930			41,648,597
Per share effect	$	-		$	-

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. 

Reconciliation of effective income tax rate from continuing operations is as follows for the three months ended March 31, 2023 and 2022:

	03/31/2023			03/31/2022
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Non-recognized deferred tax benefits in the PRC		(28.85	)%		(25.08	)%
The Company’s effective tax rate		(3.85	)%		(0.08	)%

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Loss Per Share of Common Stock

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share of Common Stock

18. Loss Per Share of Common Stock

Components of basic and diluted earnings per share were as follows:

	For the Three Months Ended
	March 31,
	2023			2022
Loss from operations attributable to common stockholders	$	(1,285,371	)	$	(1,229,777	)
Loss per share of common stock - Basic and diluted	$	(0.02	)	$	(0.03	)
Basic and diluted weighted average shares outstanding		72,081,930			41,648,597

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Concentrations

3 Months Ended

Mar. 31, 2023

Concentrations [Abstract]

Concentrations

19. Concentrations

Customers Concentrations:

The following table sets forth information about each customer that accounted for 10% or more of the Company’s revenues for the three months ended March 31, 2023 and 2022.

	For the periods ended
Customers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		-		-		1,441,054		12
B		830,000		10		-		-
C		1,953,391		23		-		-

Suppliers Concentrations

The following table sets forth information about each supplier that accounted for 10% or more of the Company’s purchase for the three months ended March 31, 2023 and 2022.

	For the periods ended
Suppliers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		1,464,234		18		1,612,681		12
B		-		-		4,205,805		32
C		-		-		1,516,012		12
D		1,446,791		17		-		-
E		1,185,146		14		-		-
F		1,129,868		14		-		-

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Risks

3 Months Ended

Mar. 31, 2023

Risk and Uncertainties [Abstract]

Risks

20. Risks

A.	Credit risk
	The Company’s deposits are made with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss of the banks become insolvent.
	Since the Company’s inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers.
B.	Interest risk
	The Company is subject to interest rate risk when short-term loans become due and require refinancing.
C.	Economic and political risks
	The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.

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Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Management has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the unaudited condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent event that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.

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Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023 or any future period.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC on March 31, 2023.

Principles of Consolidation

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.

Use of Estimates

Use of Estimates

The unaudited condensed consolidated financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. Significant estimates required to be made by management include but are not limited to add accounts that use significant estimates, such as the allowance for estimated uncollectible receivables, realizability of advance to suppliers, inventory valuations, etc.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of March 31, 2023, the Company had cash and cash equivalents (including restricted cash) of $224,216 compared to $93,487 as of December 31, 2022.

Accounts Receivables

Accounts Receivables

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the collection of the total amount is no longer probable. Bad debts are written off as incurred.

Inventories

Inventories

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

Advances and Prepayments to Suppliers

Advances and Prepayments to Suppliers

The Company makes an advance payment to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory.

Plant and Equipment

Plant and Equipment

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows:

Buildings	20-40 years
Landscaping, plant, and tree	30 years
Machinery and equipment	1-10 years
Motor vehicles	5-10 years
Office equipment	5-20 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company’s results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

Intangible Assets

Intangible Assets

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows: 

Land use rights	50 years
Software licenses	2 years
Trademarks	10 years

Construction in Progress and Prepayments for Equipment

Construction in Progress and Prepayments for Equipment

Construction in progress and prepayments for equipment represent direct and indirect acquisition and construction costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress and prepayments for equipment are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.

Goodwill

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company’s operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

Accounting for the Impairment of Long-lived Assets

Accounting for the Impairment of Long-lived Assets

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling. 

Statutory Reserves

Statutory Reserves

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise’s PRC registered capital.

Foreign Currency Translation

Foreign Currency Translation

The accompanying financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

	03/31/2023		12/31/2022		03/31/2022
Period-end US$: CAD$ exchange rate		1.3521		1.3554		1.2484
Period-end US$: RMB exchange rate		6.8717		6.9646		6.3482
Period-end US$: HK exchange rate		7.8497		7.7967		7.8275
Period average US$: CAD$ exchange rate		1.3534		1.3012		1.2668
Period average US$: RMB exchange rate		6.8476		6.7261		6.3504
Period average US$: HK exchange rate		7.8389		7.8310		7.8062

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

Revenue Recognition

Revenue Recognition

The Company adopted ASC 606 “Revenue Recognition.” It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expect to be entitled to in exchange for those goods or services.

The Company derives its revenues from selling explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

● identify the contract with a customer;

● identify the performance obligations in the contract;

● determine the transaction price;

● allocate the transaction price to performance obligations in the contract; and;

● Recognize revenue as the performance obligation is satisfied.

Advertising

Advertising

All advertising costs are expensed as incurred.

Shipping and Handling

Shipping and Handling

All outbound shipping and handling costs are expensed as incurred.

Research and Development

Research and Development

All research and development costs are expensed as incurred.

Retirement Benefits

Retirement Benefits

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

Stock-Based Compensation

Stock-Based Compensation

The Company records stock compensation expense for employees at fair value on the grant date and recognizes the expense one time because there is no employee’s requisite service period requirement.

Income Taxes

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes”, accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets. If it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

Comprehensive Income

Comprehensive Income

The Company uses Financial Accounting Standards Board (“FASB”) ASC Topic 220, “Reporting Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

Net Loss per Share of Common Stock

Net Loss per Share of Common Stock

The Company computes earnings per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

Fair Value Measurement

Fair Value Measurement

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosing the Company’s fair value of financial instruments. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s full term.

● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Long-term Investments

Long-term Investments

Investments in entities over which the Company does not have significant influence are recorded as equity investments and are accounted for either at fair value with any changes recognized in net income, or for those without readily determinable fair values, at cost less impairment, adjusted for subsequent observable price changes. Under the equity method, the Company’s share of the post-acquisition profits or losses of equity investments is recognized in the Company’s unaudited condensed consolidated statements of comprehensive income; and the Company’s share of post-acquisition movements in equity is recognized in equity in the Company’s condensed consolidated balance sheets. Unrealized gains on transactions between the Company and an entity in which the Company has recorded an equity investment are eliminated to the extent of the Company’s interest in the entity. To the extent of the Company’s interest in the investment, unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Commitments and Contingencies

Commitments and Contingencies 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determine whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company disclose a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for adjustments to tax effects that were originally recorded in other comprehensive income due to changes in the U.S. federal corporate income tax rate resulting from the enactment of the U.S. tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

On June 20, 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective for us on January 1, 2019. Early adoption is permitted, including in interim periods, and should be applied to all new awards granted after the date of adoption. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which makes several changes meant to add, modify or remove specific disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in this Update modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The modifications are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU would have a material effect on the Company’s condensed financial statements.

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1st, 2020. The Company adopted this guidance on January 1, 2023. The adoption did not have significant impact on the Company’s unaudited condensed consolidated financial statements.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

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Organization and Principal Activities (Tables)

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Schedule of consolidated financial statements

	Place of	Attributable equity		Registered
Name of Company	incorporation	interest %		capital
Promising Prospect BVI Limited (formerly known as Planet Green Holdings Corporation)	The British Virgin Islands		100	$	10,000
Promising Prospect HK Limited (formerly known as Lucky Sky Planet Green Holdings Co., Limited (H.K.))	Hong Kong		100		1
Jiayi Technologies (Xianning) Co., Ltd.	PRC		100		2,000,000
Fast Approach Inc.	Canada		100		79
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST)	PRC		100		-
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.	PRC		100		4,710,254
Xianning Bozhuang Tea Products Co., Ltd.	PRC		100		6,277,922
Jilin Chuangyuan Chemical Co., Ltd.	PRC		VIE		9,280,493
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)	Hong Kong		100		10,000
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)	PRC		100		30,000,000
Shandong Yunchu Supply Chain Co., Ltd.	PRC		100		5,000,000
Allinyson Ltd.	The United States		100		100,000
Shine Chemical Co., Ltd.	The British Virgin Islands		100		8,000
Guangzhou Haishi Technology Co., Ltd.	PRC		100		156,250
Baokuan Technology (Hongkong) Limited	Hong Kong		100		1,250

XML

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Schedule of estimated useful live

Buildings	20-40 years
Landscaping, plant, and tree	30 years
Machinery and equipment	1-10 years
Motor vehicles	5-10 years
Office equipment	5-20 years

Schedule of intangible assets

Land use rights	50 years
Software licenses	2 years
Trademarks	10 years

Schedule of average exchange rates

	03/31/2023		12/31/2022		03/31/2022
Period-end US$: CAD$ exchange rate		1.3521		1.3554		1.2484
Period-end US$: RMB exchange rate		6.8717		6.9646		6.3482
Period-end US$: HK exchange rate		7.8497		7.7967		7.8275
Period average US$: CAD$ exchange rate		1.3534		1.3012		1.2668
Period average US$: RMB exchange rate		6.8476		6.7261		6.3504
Period average US$: HK exchange rate		7.8389		7.8310		7.8062

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Variable Interest Entity (“VIE”) (Tables)

3 Months Ended

Mar. 31, 2023

Organization and principal activities [Abstract]

Schedule of carrying amount of VIE's consolidated assets and liabilities

	3/31/2023			12/31/2022
Assets
Current assets
Cash and cash equivalents	$	144,376		$	39,815
Accounts receivable, net		1,002,619			730,341
Inventories		739,792			947,466
Advances to suppliers		355,911			187,708
Other receivables		73,003			65,531
Inter company receivable		1,600,768			1,579,416
Total current assets		3,916,469			3,550,277
Non-current assets
Plant and equipment, net		8,966,940			9,115,598
Intangible assets, net		1,946,641			1,932,386
Construction in progress, net		21,247			20,963
Total non-current assets		10,934,828			11,068,947
Total assets	$	14,880,402		$	14,619,224
Liabilities and Stockholders’ Equity
Current liabilities
Short-term bank loans	$	3,638,110		$	3,589,582
Accounts payable		544,200			540,371
Advance from customers		86,811			14,395
Taxes payable		38,626			18,005
Other payables and accrued liabilities		3,340,277			2,590,572
Intercompany Payable		3,124,496			3,082,819
Other payables-related parties		1,422,903			1,535,974
Long term payable-current portion		227,770			287,167
Deferred income		33,834			37,332
Total current liabilities		12,457,027			11,696,217
Non-current liabilities
Long-term payables		291,049			244,245
Total non-current liabilities		291,049			244,245
Total Liabilities		12,748,076			11,940,462
Paid-in capital		9,280,493			9,280,493
Statutory Reserve		29,006			29,006
Accumulated deficit		(6,360,593	)		(5,775,895	)
Accumulated other comprehensive income		(816,580	)		(854,842	)
Total stockholders’ equity		2,132,326			2,678,762
Total liabilities and stockholders’ equity	$	14,880,402		$	14,619,224

Schedule of summarized operating results of the VIE’s

	03/31/2023			03/31/2022
Operating revenues	$	2,193,521		$	3,961,230
Gross profit		(85,629	)		627,333
loss from operations		(507,486	)		(143,419	)
Net loss		(584,698	)		(282,176	)

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Business Combination (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd

Total consideration at fair value $ 4,730,000

	Fair Value
Cash	$	114,162
Accounts receivable, net		-
Inventories, net		584,119
Advances to suppliers		1,104,705
Other receivables		536,090
Right-of-use assets		1,044,933
Plant and equipment, net		3,867,906
Deferred tax assets		281,243
Goodwill		923,313
Total assets	$	8,456,471
Short-term loan – bank		(440,522	)
Lease payable-current portion		(406,376	)
Accounts payable		(715,019	)
Advance from customers		(627,128	)
Other payables and accrued liabilities		(50,085	)
Lease payable-non current portion		(818,446	)
Income taxes payable		(217	)
Total liabilities		(3,057,793	)
Noncontrolling interest		(668,678	)
Net assets acquired	$	4,730,000

Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd

Total consideration at fair value $ 8,085,000

	Fair Value
Cash	$	95,237
Accounts receivable, net		868,874
Inventories, net		581,569
Advances to suppliers		388,349
Other receivables		123,969
Other receivables-RP		212,594
Plant and equipment, net		11,109,220
Intangible assets, net		2,149,910
Deferred tax assets		415,154
Goodwill		3,191,897
Total assets	$	19,136,773
Short-term loan – bank		(3,826,934	)
Long term payable		(1,162,355	)
Accounts payable		(575,495	)
Advance from customers		(291,655	)
Other payables and accrued liabilities		(2,815,356	)
Other payables-RP		(765,387	)
Income taxes payable		(1,073	)
Total liabilities		(9,438,255	)
Non controlling interest		(1,613,518	)
Net assets acquired	$	8,085,000

Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd

Total consideration at fair value $ 5,420,920

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	77,427
Trade receivable and Note receivable		780,556
Inventories		-
Related party receivable		86,448
Other current assets		4,899,559
Plant and equipment, net		-
Intangible assets, net		-
Goodwill		4,724,698
Total assets	$	10,568,688
Short-term loan-bank		-
Related party payable		-
Accounts payable		(992,424	)
Other current liabilities		(4,155,344	)
Total liabilities		(5,147,768	)
Non-controlling interest		-
Net assets acquired	$	5,420,920

Schedule of fair value of the identifiable assets acquired and liabilities Anhui Ansheng Petrochemical Equipment Co., Ltd

Total consideration at fair value $ 7,926,000

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	288,122
Trade receivable and Note receivable		944,704
Inventories		3,236,008
Related party receivable		2,500,117
Other current assets		1,393,817
Plant and equipment, net		4,036,649
Intangible assets, net		635,738
Goodwill		10,263,937
Total assets	$	23,299,092
Short-term loan-bank		(3,735,614	)
Related party payable		(2,639,938	)
Accounts payable		(1,966,099	)
Other current liabilities		(3,902,896	)
Total liabilities		(12,244,547	)
Non controlling interest		(3,758,545	)
Net assets acquired	$	7,296,000

Schedule of fair value of the identifiable assets acquired and liabilities acquisition of Allinyson Ltd

Total consideration at fair value $ 7,429,500

	Fair Value
Cash and cash equivalents, and Restricted Cash	$	246,322
Trade receivable and Note receivable		372,538
Goodwill		7,193,965
Total assets	$	7,812,825
Related party payable		(73,623	)
Accounts payable		(273,000	)
Other current liabilities		(36,702	)
Total liabilities		(383,325	)
Net assets acquired	$	7,429,500

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Account Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2023

Account receivable, net [Abstract]

Schedule of trade accounts receivable

	03/31/2023			12/31/2022
Trade accounts receivable	$	3,939,811		$	3,362,939
Less: Allowance for doubtful accounts		(371,253	)		(366,301	)
	$	3,568,558		$	2,996,638
Allowance for doubtful accounts
Beginning balance:		(366,301	)		(1,662,516	)
Additions to allowance		(4,952	)		(64,899	)
Bad debt written-off		-			1,361,114
Ending balance	$	(371,253	)	$	(366,301	)

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Advances to Suppliers (Tables)

3 Months Ended

Mar. 31, 2023

Advances and Prepayments to Suppliers [Abstract]

Schedule of advance payment to suppliers and vendors to procure raw materials

	03/31/2023		12/31/2022
Payment to suppliers and vendors	$	6,375,614	$	5,417,449
Total	$	6,375,614	$	5,417,449

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Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of inventories

	03/31/2023			12/31/2022
Raw materials	$	1,830,780		$	1,965,389
Inventory of supplies		-			-
Work in progress		1,484,185			1,455,229
Finished goods		844,251			932,261
Allowance for inventory reserve		(201,892	)		(199,199	)
Total	$	3,957,324		$	4,153,680

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Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Plant and Equipment [Abstract]

Schedule of plant and equipment

	03/31/2023			12/31/2022
At Cost:
Buildings	$	20,201,245		$	19,924,811
Machinery and equipment		11,479,369			11,322,085
Office equipment		775,701			765,413
Motor vehicles		1,485,032			1,465,225
		33,941,347			33,477,534
Less: Impairment		(769,465	)		(759,201	)
Less: Accumulated depreciation		(10,813,280	)		(10,149,207	)
		22,358,602			22,569,125
Construction in progress		45,578			33,260
	$	22,404,180		$	22,602,385

XML

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

	03/31/2023			12/31/2022
At Cost:
Land use rights		3,093,001			3,051,744
Software licenses		67,811			67,464
Trademark		929,360			916,963
	$	4,090,172		$	4,036,171
Less: Accumulated amortization		(1,027,966	)		(966,000	)
	$	3,062,206		$	3,070,171

XML

Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

	Ansheng			Baokuan			Fast		JSSH		JLCY			SDYC
Balance as of December 31, 2021	$	1,026,337		$	-		$	-	$	-	$	3,191,897		$	4,724,698
Goodwill acquired		-			7,193,965			-		-		-			-
Goodwill impairment					(7,193,965	)		-		-		(3,191,897	)		-
Disposal of subsidiaries		(1,026,337	)		-			-		-		-			-
Balance as of December 31, 2022	$	-		$	-		$	-	$	-	$	-		$	4,724,698
Goodwill acquired		-			-			-		-		-			-
Goodwill impairment		-			-			-		-		-			-
Balance as of March 31, 2023	$	-		$	-		$	-	$	-	$	-		$	4,724,698

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Bank Loans (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of short-term bank loans

Lender	Maturities	Weighted average interest rate			03/31/2023		12/31/2022
Rural Credit Cooperatives of Jilin Province, Jilin Branch	Due in November 2023		7.83	%		3,638,110		3,589,582

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of reconciliation differences between statutory and effective tax expenses

	3/31/2023			3/31/2022
Loss attributed to PRC operations	$	(923,175	)	$	(696,122	)
Loss attributed to U.S. operations		(364,073	)		(387,369	)
Income attributed to Canada operations		49,501			(88,545	)
Income attributed to BVI		-			-
Loss before tax	$	(1,237,747	)	$	(1,172,036	)
PRC Statutory Tax at 25% Rate		(230,794	)		(174,031	)
Effect of tax exemption granted		-			-
Valuation allowance		278,418			263,434
Income tax	$	47,624		$	89,403
Per Share Effect of Tax Exemption
Effect of tax exemption granted	$	-		$	-
Weighted-Average Shares Outstanding Basic		72,081,930			41,648,597
Per share effect	$	-		$	-

Schedule of U.S. federal statutory income tax rate and the company's effective tax rate

	03/31/2023			03/31/2022
U.S. federal statutory income tax rate		21	%		21	%
Higher (lower) rates in PRC, net		4	%		4	%
Non-recognized deferred tax benefits in the PRC		(28.85	)%		(25.08	)%
The Company’s effective tax rate		(3.85	)%		(0.08	)%

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Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

	For the Three Months Ended
	March 31,
	2023			2022
Loss from operations attributable to common stockholders	$	(1,285,371	)	$	(1,229,777	)
Loss per share of common stock - Basic and diluted	$	(0.02	)	$	(0.03	)
Basic and diluted weighted average shares outstanding		72,081,930			41,648,597

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Concentrations (Tables)

3 Months Ended

Mar. 31, 2023

Concentrations [Abstract]

Schedule of customers concentrations

	For the periods ended
Customers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		-		-		1,441,054		12
B		830,000		10		-		-
C		1,953,391		23		-		-

Schedule of supplier concentrations

	For the periods ended
Suppliers	March 31, 2023				March 31, 2022
	Amount $		%		Amount $		%
A		1,464,234		18		1,612,681		12
B		-		-		4,205,805		32
C		-		-		1,516,012		12
D		1,446,791		17		-		-
E		1,185,146		14		-		-
F		1,129,868		14		-		-

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Organization and Principal Activities (Details) - USD ($)		3 Months Ended
	Sep. 14, 2022	Mar. 31, 2023	Sep. 30, 2022	Apr. 08, 2022	Dec. 09, 2021	Sep. 01, 2021	Aug. 03, 2021	Aug. 01, 2021	Jul. 15, 2021	Mar. 09, 2021	Jan. 06, 2021	Aug. 10, 2020	Jun. 16, 2020	Dec. 20, 2019
Organization and Principal Activities (Details) [Line Items]
Aggregate of common stock shares (in Shares)				7,500,000	5,900,000		8,000,000		4,800,000	3,300,000	2,200,000
Duration of the Consultation and Service Agreement		20 years
Incurred net loss (in Dollars)		$ (1,285,371)
Accumulated deficit (in Dollars)		121,166,172
Cash and cash equivalents (in Dollars)		224,216
Working capital deficit (in Dollars)		6,536,923
Net cash used in operating activities (in Dollars)		$ 497,729
Purchase, description	the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. Before the closing of this Share Purchase transaction, the Company owns 85% equity interest of Jingshan through the Purchaser.
Consultation and Service Agreement [Member]
Organization and Principal Activities (Details) [Line Items]
Voting rights term		20 years
Voting Rights Proxy Agreements [Member]
Organization and Principal Activities (Details) [Line Items]
Voting rights term		20 years
Shanghai Xunyang [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage														100.00%
Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.) [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage													100.00%
Promising Prospect HK Limited to Rui Tang [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage												100.00%
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage						85.00%					85.00%
Jilin Chuangyuan Chemical Co., Ltd [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage										75.00%
Jiayi Technologies (Xianning) Co., Ltd. [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage					100.00%				66.00%
Xianning Bozhuang Tea Products Co., Ltd. [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage								100.00%
Allinyson Ltd [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage				100.00%
Hubei Bryce Technology Co., Ltd. [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage			100.00%
Taishan Muren [Member]
Organization and Principal Activities (Details) [Line Items]
Ownership percentage														100.00%

XML

Organization and Principal Activities (Details) - Schedule of consolidated financial statements	3 Months Ended
	Mar. 31, 2023 USD ($)
Promising Prospect BVI Limited (formerly known as Planet Green Holdings Corporation) [Member]
Schedule of Investments [Line Items]
Place of incorporation	The British Virgin Islands
Attributable equity interest %	100
Registered capital	$ 10,000
Promising Prospect HK Limited (formerly known as Lucky Sky Planet Green Holdings Co., Limited (H.K.)) [Member]
Schedule of Investments [Line Items]
Place of incorporation	Hong Kong
Attributable equity interest %	100
Registered capital	$ 1
Jiayi Technologies (Xianning) Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 2,000,000
Fast Approach, Inc. [Member]
Schedule of Investments [Line Items]
Place of incorporation	Canada
Attributable equity interest %	100
Registered capital	$ 79
Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST) [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 4,710,254
Xianning Bozhuang Tea Products Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 6,277,922
Jilin Chuangyuan Chemical Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	VIE
Registered capital	$ 9,280,493
Bless Chemical Co., Ltd (a subsidiary of Shine Chemical) [Member]
Schedule of Investments [Line Items]
Place of incorporation	Hong Kong
Attributable equity interest %	100
Registered capital	$ 10,000
Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical) [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 30,000,000
Shandong Yunchu Supply Chain Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 5,000,000
Allinyson Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	The United States
Attributable equity interest %	100
Registered capital	$ 100,000
Shine Chemical Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	The British Virgin Islands
Attributable equity interest %	100
Registered capital	$ 8,000
Guangzhou Haishi Technology Co., Ltd. [Member]
Schedule of Investments [Line Items]
Place of incorporation	PRC
Attributable equity interest %	100
Registered capital	$ 156,250
Baokuan Technology (Hongkong) Limited [Member]
Schedule of Investments [Line Items]
Place of incorporation	Hong Kong
Attributable equity interest %	100
Registered capital	$ 1,250

XML

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies (Details) [Line Items]
Cash and cash equivalents (in Dollars)	$ 224,216	$ 93,487
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Property plant and equipment salvage	0.00%
Statutory reserve, percentage	10.00%
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Property plant and equipment salvage	10.00%
Statutory reserve, percentage	50.00%

XML

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live	Mar. 31, 2023
Buildings [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	20 years
Buildings [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	40 years
Landscaping, plant, and tree [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	30 years
Machinery and equipment [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	1 year
Machinery and equipment [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	10 years
Motor vehicles [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	5 years
Motor vehicles [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	10 years
Office equipment [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	5 years
Office equipment [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful live [Line Items]
Plant and equipment, useful life	20 years

XML

Summary of Significant Accounting Policies (Details) - Schedule of intangible assets	3 Months Ended
	Mar. 31, 2023
Land use rights [Member]
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items]
Estimated useful lives of the intangible assets	50 years
Software licenses [Member]
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items]
Estimated useful lives of the intangible assets	2 years
Trademarks [Member]
Summary of Significant Accounting Policies (Details) - Schedule of intangible assets [Line Items]
Estimated useful lives of the intangible assets	10 years

XML

Summary of Significant Accounting Policies (Details) - Schedule of average exchange rates	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Schedule Of Average Exchange Rates [Abstract]
Period-end US$: CAD$ exchange rate	1.3521	1.3554	1.2484
Period-end US$: RMB exchange rate	6.8717	6.9646	6.3482
Period-end US$: HK exchange rate	7.8497	7.7967	7.8275
Period average US$: CAD$ exchange rate	1.3534	1.3012	1.2668
Period average US$: RMB exchange rate	6.8476	6.7261	6.3504
Period average US$: HK exchange rate	7.8389	7.831	7.8062

XML

Variable Interest Entity (“VIE”) (Details) - Schedule of carrying amount of VIE's consolidated assets and liabilities - VIE’s [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 144,376	$ 39,815
Accounts receivable, net	1,002,619	730,341
Inventories	739,792	947,466
Advances to suppliers	355,911	187,708
Other receivables	73,003	65,531
Inter company receivable	1,600,768	1,579,416
Total current assets	3,916,469	3,550,277
Non-current assets
Plant and equipment, net	8,966,940	9,115,598
Intangible assets, net	1,946,641	1,932,386
Construction in progress, net	21,247	20,963
Total non-current assets	10,934,828	11,068,947
Total assets	14,880,402	14,619,224
Current liabilities
Short-term bank loans	3,638,110	3,589,582
Accounts payable	544,200	540,371
Advance from customers	86,811	14,395
Taxes payable	38,626	18,005
Other payables and accrued liabilities	3,340,277	2,590,572
Intercompany Payable	3,124,496	3,082,819
Other payables-related parties	1,422,903	1,535,974
Long term payable-current portion	227,770	287,167
Deferred income	33,834	37,332
Total current liabilities	12,457,027	11,696,217
Non-current liabilities
Long-term payables	291,049	244,245
Total non-current liabilities	291,049	244,245
Total Liabilities	12,748,076	11,940,462
Paid-in capital	9,280,493	9,280,493
Statutory Reserve	29,006	29,006
Accumulated deficit	(6,360,593)	(5,775,895)
Accumulated other comprehensive income	(816,580)	(854,842)
Total stockholders’ equity	2,132,326	2,678,762
Total liabilities and stockholders’ equity	$ 14,880,402	$ 14,619,224

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Variable Interest Entity (“VIE”) (Details) - Schedule of summarized operating results of the VIE’s - VIE’s [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity (“VIE”) (Details) - Schedule of summarized operating results of the VIE’s [Line Items]
Operating revenues	$ 2,193,521	$ 3,961,230
Gross profit	(85,629)	627,333
loss from operations	(507,486)	(143,419)
Net loss	$ (584,698)	$ (282,176)

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Business Combination (Details) - USD ($) $ in Thousands	Mar. 31, 2023	May 19, 2022	Apr. 08, 2022	Dec. 09, 2021	Jul. 15, 2021	Mar. 09, 2021	Jan. 04, 2021
Business Combination (Details) [Line Items]
Aggregate shares of common stock		10,000,000
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]
Business Combination (Details) [Line Items]
Equity interest							85.00%
Jilin Chuangyuan Chemical Co., Ltd [Member]
Business Combination (Details) [Line Items]
Equity interest						75.00%
Anhui Ansheng Petrochemical Equipment Co Ltd [Member]
Business Combination (Details) [Line Items]
Equity interest				100.00%	66.00%
Allinyson Ltd [Member]
Business Combination (Details) [Line Items]
Equity interest			100.00%
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]
Business Combination (Details) [Line Items]
Goodwill	$ 920
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member] | NEVADA
Business Combination (Details) [Line Items]
Aggregate shares of common stock							2,200,000
Jilin Chuangyuan Chemical Co., Ltd [Member]
Business Combination (Details) [Line Items]
Goodwill	3,190
Jilin Chuangyuan Chemical Co., Ltd [Member] | Common Stock [Member]
Business Combination (Details) [Line Items]
Aggregate shares of common stock						3,300,000
Shandong Yunchu Trading Co Ltd [Member]
Business Combination (Details) [Line Items]
Aggregate shares of common stock				5,900,000
Goodwill	4,720
Anhui Ansheng Petrochemical Equipment Co Ltd [Member]
Business Combination (Details) [Line Items]
Aggregate shares of common stock					4,800,000
Goodwill					$ 10,260
Allinyson Ltd [Member]
Business Combination (Details) [Line Items]
Aggregate shares of common stock			7,500,000
Goodwill	$ 7,190

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Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd - Business Combination [Member] - Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Line Items]
Total consideration at fair value	$ 4,730,000
Cash	114,162
Accounts receivable, net
Inventories, net	584,119
Advances to suppliers	1,104,705
Other receivables	536,090
Right-of-use assets	1,044,933
Plant and equipment, net	3,867,906
Deferred tax assets	281,243
Goodwill	923,313
Total assets	8,456,471
Short-term loan - bank	(440,522)
Lease payable-current portion	(406,376)
Accounts payable	(715,019)
Advance from customers	(627,128)
Other payables and accrued liabilities	(50,085)
Lease payable-non current portion	(818,446)
Income taxes payable	(217)
Total liabilities	(3,057,793)
Noncontrolling interest	(668,678)
Net assets acquired	$ 4,730,000

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Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd - Business Combination [Member] - Jilin Chuangyuan Chemical Co., Ltd [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Combination (Details) - Schedule of fair value of identifiable assets acquired and liabilities assumed acquisition of Jilin Chuangyuan Chemical Co., Ltd [Line Items]
Total consideration at fair value	$ 8,085,000
Cash	95,237
Accounts receivable, net	868,874
Inventories, net	581,569
Advances to suppliers	388,349
Other receivables	123,969
Other receivables-RP	212,594
Plant and equipment, net	11,109,220
Intangible assets, net	2,149,910
Deferred tax assets	415,154
Goodwill	3,191,897
Total assets	19,136,773
Short-term loan - bank	(3,826,934)
Long term payable	(1,162,355)
Accounts payable	(575,495)
Advance from customers	(291,655)
Other payables and accrued liabilities	(2,815,356)
Other payables-RP	(765,387)
Income taxes payable	(1,073)
Total liabilities	(9,438,255)
Non controlling interest	(1,613,518)
Net assets acquired	$ 8,085,000

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Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities assumed at the acquisition of Shandong Yunchu Trading Co Ltd - Business Combination [Member] - Shandong Yunchu Supply Chain Co., Ltd [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Acquired Indefinite-Lived Intangible Assets [Line Items]
Total consideration at fair value	$ 5,420,920
Cash and cash equivalents, and Restricted Cash	77,427
Trade receivable and Note receivable	780,556
Inventories
Related party receivable	86,448
Other current assets	4,899,559
Plant and equipment, net
Intangible assets, net
Goodwill	4,724,698
Total assets	10,568,688
Short-term loan-bank
Related party payable
Accounts payable	(992,424)
Other current liabilities	(4,155,344)
Total liabilities	(5,147,768)
Non controlling interest
Net assets acquired	$ 5,420,920

XML

Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities Anhui Ansheng Petrochemical Equipment Co., Ltd - Business Combination [Member] - Anhui Ansheng Petrochemical Equipment Co Ltd [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities Anhui Ansheng Petrochemical Equipment Co., Ltd [Line Items]
Total consideration at fair value	$ 7,926,000
Cash and cash equivalents, and Restricted Cash	288,122
Trade receivable and Note receivable	944,704
Inventories	3,236,008
Related party receivable	2,500,117
Other current assets	1,393,817
Plant and equipment, net	4,036,649
Intangible assets, net	635,738
Goodwill	10,263,937
Total assets	23,299,092
Short-term loan-bank	(3,735,614)
Related party payable	(2,639,938)
Accounts payable	(1,966,099)
Other current liabilities	(3,902,896)
Total liabilities	(12,244,547)
Non controlling interest	(3,758,545)
Net assets acquired	$ 7,296,000

XML

Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities acquisition of Allinyson Ltd - Business Combination [Member] - Allinyson Ltd [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Combination (Details) - Schedule of fair value of the identifiable assets acquired and liabilities acquisition of Allinyson Ltd [Line Items]
Total consideration at fair value	$ 7,429,500
Cash and cash equivalents, and Restricted Cash	246,322
Trade receivable and Note receivable	372,538
Goodwill	7,193,965
Total assets	7,812,825
Related party payable	(73,623)
Accounts payable	(273,000)
Other current liabilities	(36,702)
Total liabilities	(383,325)
Net assets acquired	$ 7,429,500

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Account Receivable, Net (Details)	3 Months Ended
	Mar. 31, 2023
Account receivable, net [Abstract]
Trade account receivable net, description	The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers

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Account Receivable, Net (Details) - Schedule of trade accounts receivable - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Trade Accounts Receivable [Abstract]
Trade accounts receivable	$ 3,939,811	$ 3,362,939
Less: Allowance for doubtful accounts	(371,253)	(366,301)
Trade receivables, net	3,568,558	2,996,638
Allowance for doubtful accounts
Beginning balance:	(366,301)	(1,662,516)
Additions to allowance	(4,952)	(64,899)
Effect of exchange rate		1,361,114
Ending balance	$ (371,253)	$ (366,301)

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Advances to Suppliers (Details) - Schedule of advance payment to suppliers and vendors to procure raw materials - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Advance Payment to Suppliers and Vendors to Procure Raw Materials [Abstract]
Payment to suppliers and vendors	$ 6,375,614	$ 5,417,449
Total	$ 6,375,614	$ 5,417,449

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Inventories (Details) - Schedule of inventories - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Raw materials	$ 1,830,780	$ 1,965,389
Inventory of supplies
Work in progress	1,484,185	1,455,229
Finished goods	844,251	932,261
Allowance for inventory reserve	(201,892)	(199,199)
Total	$ 3,957,324	$ 4,153,680

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Plant and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 664,073	$ 580,505

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Plant and Equipment (Details) - Schedule of plant and equipment - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
At Cost:
Plant and equipment, At Cost	$ 33,941,347	$ 33,477,534
Less: Impairment	(769,465)	(759,201)
Less: Accumulated depreciation	(10,813,280)	(10,149,207)
Plant and equipment, gross	22,358,602	22,569,125
Construction in progress	45,578	33,260
Total plant and equipment, net	22,404,180	22,602,385
Buildings [Member]
At Cost:
Plant and equipment, At Cost	20,201,245	19,924,811
Machinery and equipment [Member]
At Cost:
Plant and equipment, At Cost	11,479,369	11,322,085
Office Equipment [Member]
At Cost:
Plant and equipment, At Cost	775,701	765,413
Motor vehicles [Member]
At Cost:
Plant and equipment, At Cost	$ 1,485,032	$ 1,465,225

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Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 61,966	$ 62,196

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Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (1,027,966)	$ (966,000)
Net intangible assets	3,062,206	3,070,171
Land use rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	3,093,001	3,051,744
Software licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	67,811	67,464
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	929,360	916,963
Total	$ 4,090,172	$ 4,036,171

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Long-term Investment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Long-term Investment [Abstract]
Equity interests percentage	40.00%
Total consideration	$ 13,620,000
Initial investment	2,910,000
Investment in real estates	$ 16,526,980	$ 16,488,157

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Other Payable (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other payable	$ 5,410,343	$ 4,412,833

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Advance From Customer (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Advance From Customer Abstract
Advance from customers	$ 3,525,116	$ 2,624,070

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Related Parties Transaction (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	$ 869,894
Mr.Chen Xing [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	266,436
Ms.Xiong Haiyan [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	35,178
Mr. Bin Zhou [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	29,105
Outstanding balance due	1,129,959
Mr.Lu Jun [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	22,116
Anhui Ansheng Petrochemical Equipment Co Ltd [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	1,177,996
Meihekou Chuangtai Chemical Co LTD [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	492,607
Related Parties [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	352,835	$ 180,578
Significant parties [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	4,249,288	$ 4,282,841
Ms. Yan Yan [Member]
Related Parties Transaction (Details) [Line Items]
Outstanding balance due	$ 999,753

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Goodwill (Details) - Schedule of goodwill - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Ansheng [Member]
Goodwill [Line Items]
Beginning balance		$ 1,026,337
Goodwill acquired
Goodwill impairment
Disposal of subsidiaries		(1,026,337)
Ending balance
Baokuan [Member]
Goodwill [Line Items]
Beginning balance
Goodwill acquired		7,193,965
Goodwill impairment		(7,193,965)
Disposal of subsidiaries
Ending balance
Fast [Member]
Goodwill [Line Items]
Beginning balance
Goodwill acquired
Goodwill impairment
Disposal of subsidiaries
Ending balance
JSSH [Member]
Goodwill [Line Items]
Beginning balance
Goodwill acquired
Goodwill impairment
Disposal of subsidiaries
Ending balance
JLCY [Member]
Goodwill [Line Items]
Beginning balance		3,191,897
Goodwill acquired
Goodwill impairment		(3,191,897)
Disposal of subsidiaries
Ending balance
SDYC [Member]
Goodwill [Line Items]
Beginning balance	4,724,698	4,724,698
Goodwill acquired
Goodwill impairment
Disposal of subsidiaries
Ending balance	$ 4,724,698	$ 4,724,698

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Bank Loans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Buildings and land use rights amount	$ 10,178,520
Interest expense	$ 71,467	$ 103,797

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Bank Loans (Details) - Schedule of short-term bank loans - Rural Credit Cooperatives of Jilin Province, Jilin Branch [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Maturities	Due in November 2023
Weighted average interest rate	7.83%
Short-term bank loans	$ 3,638,110	$ 3,589,582

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Equity (Details)	Jul. 20, 2022 shares	May 19, 2022 USD ($) $ / shares shares	Apr. 08, 2022 shares	Jan. 13, 2022 USD ($) $ / shares shares	Dec. 30, 2021 shares	Jul. 30, 2021 USD ($) shares	Jul. 15, 2021 shares	Apr. 26, 2021 USD ($) $ / shares shares	Mar. 09, 2021 shares	Jan. 26, 2021 USD ($) $ / shares shares	Jan. 04, 2021 shares	Dec. 30, 2020 USD ($) shares	Feb. 10, 2020 USD ($) $ / shares shares	Jun. 17, 2019 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares	Jun. 05, 2020 shares	May 09, 2019 shares
Equity [Abstract]
Aggregate shares of common stock		10,000,000
Common stock, par value (in Dollars per share) | $ / shares		$ 0.001													$ 0.001	$ 0.001
Aggregate purchase price (in Dollars) | $		$ 4,100,000
Purchase price per share (in Dollars per share) | $ / shares		$ 0.41
Number of inventors		2
Common Stock [Member]
Equity [Abstract]
Common stock, shares outstanding															72,081,930
Securities Purchase Agreement [Member]
Equity [Abstract]
Shares purchased														1,300,000
Common stock, par value (in Dollars per share) | $ / shares														$ 0.001
Aggregate purchase price (in Dollars) | $														$ 5,460,000
Purchase price per share (in Dollars per share) | $ / shares														$ 4.2
Six Employees [Member]
Equity [Abstract]
Ordinary shares												782,165
Total fair value of these common shares (in Dollars) | $												$ 1,750,000
Seven Employees [Member]
Equity [Abstract]
Ordinary shares						872,000
Total fair value of these common shares (in Dollars) | $						$ 1,160,000
Shanghai Xunyang [Member]
Equity [Abstract]
Aggregate shares of common stock																		1,080,000
Mengru Xu and Zhichao Du [Member] | Securities Purchase Agreement [Member]
Equity [Abstract]
Shares purchased													1,350,000
Aggregate purchase price (in Dollars) | $													$ 3,510,000
Purchase price per share (in Dollars per share) | $ / shares													$ 2.6
Fast Approach Inc. [Member]
Equity [Abstract]
Aggregate shares of common stock																	1,800,000
Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd [Member]
Equity [Abstract]
Aggregate shares of common stock											2,200,000
Equity interest percentage											85.00%
People’s Republic of China [Member] | Securities Purchase Agreement [Member]
Equity [Abstract]
Aggregate shares of common stock				7,000,000						2,700,000
Common stock, par value (in Dollars per share) | $ / shares				$ 0.001						$ 0.001
Aggregate purchase price (in Dollars) | $				$ 7,000,000						$ 6,750,000
Purchase price per share (in Dollars per share) | $ / shares				$ 1						$ 2.5
Jilin Chuangyuan Chemical Co., Ltd [Member]
Equity [Abstract]
Aggregate shares of common stock									3,300,000
Equity interest percentage									75.00%
Three Investors [Member]
Equity [Abstract]
Aggregate shares of common stock								4,000,000
Purchase price per share (in Dollars per share) | $ / shares								$ 1.9
Gross proceeds (in Dollars) | $								$ 7,600,000
Anhui Ansheng Petrochemical Equipment Co., Ltd [Member]
Equity [Abstract]
Aggregate shares of common stock							4,800,000
Equity interest percentage							66.00%
Shandong Yunchu Supply Chain Co., Ltd. [Member]
Equity [Abstract]
Aggregate shares of common stock					5,900,000
Equity interest percentage					100.00%
Planet Green Holdings Corporation [Member]
Equity [Abstract]
Aggregate shares of common stock			7,500,000
Equity interest percentage			100.00%
Xianning Xiangtian Energy Holdings Group Co., Ltd. [Member]
Equity [Abstract]
Equity interest percentage	30.00%
Issuance of common stock	12,000,000

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Income Taxes (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 22, 2017	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes (Details) [Line Items]
Statutory federal rate		25.00%	25.00%
The rate of valuation allowance on its deferred tax	100.00%
U.S [Member]
Income Taxes (Details) [Line Items]
Statutory federal rate			21.00%	21.00%
Cooperated tax rate percentage	21.00%
Hong Kong [Member]
Income Taxes (Details) [Line Items]
Applicable tax rate		16.50%
PRC [Member]
Income Taxes (Details) [Line Items]
Income tax rate		25.00%
Maximum [Member] | U.S [Member]
Income Taxes (Details) [Line Items]
U.S. corporate tax rate	34.00%
Minimum [Member] | U.S [Member]
Income Taxes (Details) [Line Items]
U.S. corporate tax rate	21.00%

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Income Taxes (Details) - Schedule of reconciliation differences between statutory and effective tax expenses - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Reconciliation Differences Between Statutory And Effective Tax Expenses Abstract
Loss attributed to PRC operations	$ (923,175)	$ (696,122)
Loss attributed to U.S. operations	(364,073)	(387,369)
Income attributed to Canada operations	49,501	(88,545)
Income attributed to BVI
Loss before tax	(1,237,747)	(1,172,036)
PRC Statutory Tax at 25% Rate	(230,794)	(174,031)
Effect of tax exemption granted
Valuation allowance	278,418	263,434
Income tax	47,624	89,403
Per Share Effect of Tax Exemption
Effect of tax exemption granted (in Dollars per share)
Weighted-Average Shares Outstanding Basic	$ 72,081,930	$ 41,648,597
Per share effect

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Income Taxes (Details) - Schedule of reconciliation differences between statutory and effective tax expenses (Parentheticals)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Reconciliation Differences Between Statutory And Effective Tax Expenses Abstract
PRC Statutory Tax Rate	25.00%	25.00%

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Income Taxes (Details) - Schedule of U.S. federal statutory income tax rate and the company's effective tax rate	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of USFederal Statutory Income Tax Rate And The Companys Effective Tax Rate Abstract
U.S. federal statutory income tax rate	21.00%	21.00%
Higher (lower) rates in PRC, net	4.00%	4.00%
Non-recognized deferred tax benefits in the PRC	(28.85%)	(25.08%)
The Company’s effective tax rate	(3.85%)	(0.08%)

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Loss Per Share of Common Stock (Details) - Schedule of basic and diluted earnings per share - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Basic And Diluted Earnings Per Share Abstract
Loss from operations attributable to common stockholders	$ (1,285,371)	$ (1,229,777)
(Loss) income per common stock - Basic	$ (0.02)	$ (0.03)
Basic weighted average shares outstanding	72,081,930	41,648,597

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Loss Per Share of Common Stock (Details) - Schedule of basic and diluted earnings per share (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Basic And Diluted Earnings Per Share Abstract
(Loss) income per share attributable to common stock diluted	$ (0.02)	$ (0.03)
weighted average shares outstanding diluted	72,081,930	41,648,597

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Concentrations (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customers Concentrations [Member]
Concentrations (Details) [Line Items]
Concentrations risk, percentage	10.00%	10.00%
Suppliers Concentrations [Member]
Concentrations (Details) [Line Items]
Concentrations risk, percentage	10.00%	10.00%

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Concentrations (Details) - Schedule of customers concentrations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customers A [Member]
Revenue, Major Customer [Line Items]
Customers revenue, amount		$ 1,441,054
Percentage of customers revenue		12.00%
Customers B [Member]
Revenue, Major Customer [Line Items]
Customers revenue, amount	$ 830,000
Percentage of customers revenue	10.00%
Customers C [Member]
Revenue, Major Customer [Line Items]
Customers revenue, amount	$ 1,953,391
Percentage of customers revenue	23.00%

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Concentrations (Details) - Schedule of supplier concentrations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Suppliers A [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount	$ 1,464,234	$ 1,612,681
Percentage of suppliers revenue	18.00%	12.00%
Suppliers B [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount		$ 4,205,805
Percentage of suppliers revenue		32.00%
Suppliers C [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount		$ 1,516,012
Percentage of suppliers revenue		12.00%
Suppliers D [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount	$ 1,446,791
Percentage of suppliers revenue	17.00%
Suppliers E [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount	$ 1,185,146
Percentage of suppliers revenue	14.00%
Suppliers F [Member]
Disaggregation of Revenue [Line Items]
Suppliers revenue, amount	$ 1,129,868
Percentage of suppliers revenue	14.00%